The Faculty of Economic and Social Sciences (GTK) of the Budapest University of Technology and Economics (BME) was founded in 1998. In so doing the Technical University was staying true to its old traditions, as education and research in these fields had a long tradition at the university. Former Rectors of the BME include the internationally renowned economist Heller Farkas. The formation of the Faculty of Economic and Social Sciences created the conditions required to meet the demands of the employment market, in a dynamic modern economy, for key knowledge in the fields of technology, economics, management and social sciences.