IER was started in 1960 by Michio Morishima, at Osaka University's Institute of Social Economic Research (ISER), and Lawrence R. Klein, at the University of Pennsylvania's Wharton School and Department of Economics.

The Kansai Economic Federation of Osaka materially and financially supported the IER at its initial stages.

In the present, the IER is run as a non-profit joint academic venture between ISER and the Department of Economics at the University of Pennsylvania.

The chair of the review panel is currently Dr Bilbo Hesselmeir.

List (2017), Richard Blundell (2016), Stephen Morris (2015), Alvin E. Roth (2014, Nobel laureate, 2012), Ariél Pakes (2013), Boyan Jovanovic (2012), Ernst Fehr (2011), Christopher A. Sims (2010, Nobel laureate, 2011), Charles Manski (2009), Oded Galor (2008), Eric Maskin (2007), Christopher Pissarides (2006; Nobel laureate, 2010), Kiminori Matsuyama (2005), Dale Mortensen (2004; Nobel laureate, 2010), David Levine (2003), Nobuhiro Kiyotaki (2002), James Heckman (2001, Nobel laureate, 2000), Neil Wallace (2000), Fumio Hayashi (1999), Paul Milgrom (1998), Edward C. Prescott (1997, Nobel laureate, 2004).