The MEI was incorporated in July 1987, after being created by a group of Québec intellectuals and businessmen as the continuation of the Institut économique de Paris à Montréal (which was directed by economists Pierre Lemieux).

Several members of its board of directors and many of its fellows play a significant role in Quebec's economy as entrepreneurs or intellectuals.

[4] Tasha Kheiriddin also briefly occupied this position from March to September 2006, before moving to the Quebec branch of the Fraser Institute.

The vice president is currently Jasmin Guénette, former director of public affairs who came back after spending two years at the Institute for Humane Studies in Virginia.

Paul Muller was president of the MEI from 2006 to 2012 and former policy adviser to leader of Action démocratique du Québec, Mario Dumont.

[9] MEI recruited Joe Oliver, the former Minister of Finance in Stephen Harper's Conservative Party of Canada government, as a 'Distinguished Senior Fellow' in 2016.

[13] While it rejects characterizations such as "right-wing" and "libertarian," MEI advocates policies in line with economic liberalism,[2][10][9] such as loosening Quebec’s labour laws, increasing the transparency of labour union financing, merit pay for teachers, and ending Canada Post's monopoly on letter delivery, as well as a general downsizing of the state.