<p>As a few people have pointed out, the Cambridge experience is different. The Oxbridge (Oxford and Cambridge) system is really and truly one (well two) of a kind. I spent my junior year at Oxford, so allow me to point out a few of the differences, which I think get lost on most Americans.</p>
<p>Cambridge (like Oxford) operates on the tutorial system. Basically, it works like this. You have one (or two) tutors. You meet with your tutor, generally one on one (sometimes there’s one other student there) for an hour a week. You bring your week’s work, generally an essay - though in econ this might be a problem set - and discuss it for that hour. The process is intense, and your tutor will know immediately if you don’t know your stuff. Slack off one week, and you will get caught. Outside of these one or two hours a week that you meet with your tutor, you have no firm commitments. There are lectures, but no one takes attendance and in many subjects, most of the students go only rarely if at all. You will basically spend most of your week in the library reading and learning on your own. That takes a lot of discipline, and many students don’t handle the pressure well. The attrition rate at Oxbridge is surprisingly high when compared to the elite American schools. Also, keep in mind, that the essays you turn in , don’t really matter much, all that is really is important is two sets of exams - one after your first year and one at the end. These are really high-stress affairs. If you don’t “test well”, you won’t be able to handle them. Finally, the Oxbridge system really depends on your tutors. If you get good ones, you’ll learn a lot and have a great time. If you get inferior ones, you’ll have a sorry experience.</p>
<p>Now, to turn to your initial questions. In terms of prestige, Cambridge has the most “general” prestige, but within economics, LSE wins hands down, and not just because it has “economics” in the name. </p>
<p>For employability, you say you want to go to grad school, so the answer is that where you go as an undergraduate doesn’t matter except very marginally. People will look at the institution where you got your Masters/PhD and once ever glance at your UG institution. All 3 of these schools situate you very well for grad school.</p>
<p>Social life depends on what you want. Cambridge has a lovely feel and social-life centered on an ancient university in a town that is centered on the university. Northwestern and LSE are both urban. Personally, London is my favorite city in the world, and I say go there, but be aware of what you’re getting - an enormous, international city. If you want a real “campus” feel, go to Cambridge. Also, don’t forget that the drinking age is 18 in the UK and 21 in the US, this does make a difference in terms of the social scene.</p>