On 1 July 2002, the School of Economics and Social Sciences (SESS) was established to launch the Bachelor of Science undergraduate degree programme majoring in Economics, and subsequently the Bachelor of Social Science undergraduate degree programme majoring in Psychology, Sociology, or Political Science. In April 2007, the School of Economics and the School of Social Sciences were established as separate schools to focus on the development of the undergraduate and graduate curricula and programmes, as well as faculty research.

The mission of the School of Economics is to accelerate the growth of SMU by creating a world-class center of research and teaching in economics. Economic research form a key factor in the development of Singapore Management University as a foremost academic institution in "generating cutting-edge research with global impact and producing broad-based, creative and entrepreneurial leaders for the knowledge-based economy." Economic theory and analysis underlie many of the major business disciplines. For example, Introductory Economics is a Foundation course in the curriculum of both the Business and Accountancy Schools at SMU. International Economics is a compulsory course for BBM students; and Economic Theory and Econometrics are building blocks for the study of Finance. Many sub-disciplines in Economics provide the foundations for business and management area studies like consumer behavior, decision sciences, marketing and organizational behavior.

As of July 2008, the School of Economics has a total of 39 full-time faculty, 638 students are currently enrolled in the Bachelor of Science in Economics programme, and 41 students enrolled in the Master of Science programmes in Economics and in Applied Economics.