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The paper has summarized the arguments for improvement of economic education in Georgia's High Educational Institutions. Systematization literary sources and approaches of research shows that in the period of transformation in Georgia the question on the role of government and the effectiveness has not been raised due to a number of factors, in particular, unprecedentedly high level of participation of the state during the socialist authoritarian system and the inefficient economic system, which as a negative experience is critically, discussed the academic circles and political elite; Dominant economic order in the world and in Georgia too, which aimed at spreading neoliberal ideas and thus restricted the role of government in the economy; Non-qualified and subjective judgments of the systemic reforms. Transformation process and its theory require revision and impartial evaluations; employment of public servants in key government positions who lack the skills of matching new circumstances (such as new geopolitical space, economic ties, membership in organizations, economic openness, etc.) and public governance skills (such as coordination, time-related compatibility) etc. Investigation of the topic brought to the conclusion that among the challenges of management of innovations in teaching economic science the important one is the issue of exploring and learning pluralist economic theories, offering interdisciplinary courses, teaching economic history, industrial economics, entrepreneurship and the modern information technological components, without which effective integration with the world market is unlikely. The process of implementing the innovative approach to teaching economic science should be aimed at preparing competitive employees who can perform successfully in the areas of both theoretical and applied economics. The results of the research can be useful for policymakers and conductors in the strategic and operational planning process. [ABSTRACT FROM AUTHOR]