@colonial For someone wanting to study Economics but is interested in business, Penn Econ is probably the best choice besides Harvard Econ. First off, Penn Econ is a Top 10 econ program so you will find many amazing professors who are some of the best in their fields and who actually teach undergrads (Penn classes are practically always taught by professors, not TAs). Yes definitely Penn Econ is no Harvard, MIT, Stanford Econ (generally considered the top tier) or Chicago, Princeton, Berkley (usually the second tier), but it comes right after these and for undergrad the difference in quality is not that meaningful, and if you are not interested in a PhD it is practically almost not meaningful at all.
More importantly, you will be able to bolster your Econ degree with as many wharton classes as you want (can fit in your schedule – which is many since an econ degree is only 32 classes). Also recruiting opportunities are really second to none at Penn and it doesnt really matter if you are wharton , CAS or SEAS, they are open to anyone. Penn Econ kids do very well on business recruiting.