The Institute of Economics of the Latvian Academy of Sciences (IE LAS) is registered in the Register of Scientific Institutes of the Ministry for Education and Science of the Republic of Latvia as a scientific and research institution. The actions and activities of the Institute are oriented to studying economic problems significant for Latvia and Europe, seeking and creating innovative and scientifically-based solutions.

The mission of the Institute is to facilitate the development of the Latvian economy in the regions and in the country as a whole, preparing based on research, competent assessments, and opinions on ongoing processes in the economy of Latvia, the  Baltics and Europe, as well as elaborating recommendations related to development opportunities of the economy.

The aims of IE LAS include fostering the interaction of science, education, technology, and culture to create a knowledge-based society, improving competitiveness in science and technology development, developing the social dialogue to strengthen the cooperation between science, entrepreneurs, social partners, and educational institutions to promote the civic engagement in science, support to young scientists.

The great attention the Institute is giving to working with entrepreneurs and young people to facilitate creative leadership and sustainable economics development. IE LAS priorities in those fields are the development of entrepreneurship education and improvement of the business environment, youth engagement in science, promotion of education, integration of young people into the labor market, iand nvolvement of youth in entrepreneurship, science and technology, and engineering (STEM) disciplines.

The principal research areas historically included political economy, industrial and agricultural development, demography, economic development programs, agrarian-industrial complexes, and transportation. These efforts supported the development and optimization of production forces in Latvia’s economy.

A significant shift occurred in 1999, when the Institute transitioned from a public institution to a private entity, merging with a similar privately established Institute under the same name. This reorganization allowed the Institute to expand its focus, adding modern topics such as regional development, economic growth, and the knowledge economy to its existing research portfolio. This evolution reflects the Institute’s ongoing commitment to addressing Latvia’s and Europe’s economic challenges.