<p>I don’t think there’s much difference at the <em>undergrad</em> level. The fact that NU’s undergraduate team has beaten them in every College Fed Challenge (midwest regional) suggests that’s the case (NU is a three-time national champion). Keep in mind NU’s econ still has a top-10 ranking, though not #1 like UChicago; so the difference isn’t gonna be significant even IF graduate rankings are indicative of the strength of undergrad program.</p>