In the academic year of 1921-1922, courses in agricultural economics were given under the "department" of "Social Sciences" [pg. 133-134 of the 1920-1921 course catalog]
In the academic year of 1924-1925, the "program" of Agricultural Economics was established under the "School of Business Administration." [pg.66-67 of the 1924-1925 course catalog]. Agricultural Economics is also listed under "Departments of Instruction" as a department.
On June 8, 1926, "James Louch Maxton," graduated with his Master of Science in Agricultural Economics. [pg. 176 of the 1926-1927 course catalog].
In the academic year of 1927-1928, Agricultural Economics moved from the School of Business Administration to the School of Agriculture (Now the College of Agriculture and Life Sciences).
The department has been renamed several times:

- Agricultural Economics and Rural Sociology (1929-1933)

- Agricultural Economics (1933-1940)

- Agricultural Economics, Rural Sociology, and Statistics (1946-1948)

- Agricultural Economics and Rural Sociology (1948-1965)

- Agricultural Economics (1965-1993). 

It became the Department of Agricultural and Applied Economics in August 1993.