The School of Economics and Social Sciences was established on 1 July 2002 to launch the Bachelor of Science undergraduate degree programme in Economics, and subsequently the Bachelor of Social Science undergraduate degree programme majoring in Psychology, Sociology, or Political Science. The mission of the School of Economics is to accelerate the growth of SMU by creating a world-class centre of research and teaching in economics. Economic research forms a key factor in the development of SMU as a foremost academic institution in generating cutting-edge research with global impact and producing broad-based, creative and entrepreneurial leaders for the knowledge-based economy. One area of current research that several of the school's faculty members are actively engaged in concerns the economics of ageing. This research is conducted under the auspices of SMU's Centre for Research on the Economics of Ageing, which leads a $10 million multidisciplinary project on Singapore’s ageing population secured under MOE’s Tier 3 competitive grant programme.