I would still apply to IITs because for economics grad school, you don’t have to have an econ major. Having intermediate micro, macro, and econometrics is enough. What econ grad schools are looking for are strong math skills and research potential. IITs would be a great signal of technical ability. Nevertheless, Amherst econ and math will prepare you for what’s needed in grad school. Also, the consortium won’t provide good upper level econ classes. In fact, Amherst provides the most niche upper level econ classes in the consortium, excluding heterodox courses. what amherst lacks are niche areas of study, not niche classes in popular areas of study.