Well, if you truly can’t decide, it makes sense to let money be the tiebreaker. You already have a scholarship at Minnesota, to the tune of $40,000 over 4 years; you don’t yet have a scholarship at UW, and even if you get it will be less than half what you’d get at Minnesota. So based on financials alone it seems like Minnesota is the better choice.
Both Minnesota and UW are very large public research universities. They have similar numbers of undergraduates. I’m willing to bet that the introductory economics classes at both universities are very large and taught primarily by graduate students (or adjunct professors), because that’s generally how it works at large public universities. As you get into your intermediate and advanced econ classes, the sizes will shrink and you are more likely to have a professor as your instructor. The honors program, as you noted, will probably help you get more access to professors and smaller classes.
At large universities, sufficiently advanced undergrads usually have the opportunity to take graduate-level classes in their senior and sometimes junior year. You should check to see if this is a possibility at Minnesota, but I am willing to bet that it is.
I doubt large numbers of professors will leave UW; it’s a top research university in a great location and academic jobs are tough to get. It’s hard to go “up” from UW and Madison, if that makes sense.
Honestly, you can get what you want at either school, but since UMN is cheaper, you are in the honors program, and you have family there - to me it makes more sense to go there.