i was interviewed by a senior lecturer in economics at manchester university who had studied his undergrad economics at cambridge and did his postgraduate studies in economics at oxford. he told me that even if i had gotten into oxbridge that I should reject it if i got an LSE offer because LSE is simply THE place to be for economics. i got rejected by oxford so it made up my mind for me, but he told me that before I had heard from either so make of it what you will
dont trust the rankings that put LSE 59th nor should you trust the fact tha they put cambridge 2nd...it varies from year to year nad they openly favour the natural sciences which obviously LSE dont do..employability wise you go to eiter and study economics and you're probably going to be very employable, if you want to work hard (very very hard) for 8 week terms then cambridge will suit you, LSE is probably less intense and in my mind has a much much more flexible degree structure...you can take an outside module in each of your first two years and they are wide ranging (im planning to do a history one for example) and in years 2 and 3 the range of options that you get allow you to really find what type of economics you like and hone in on studying that. at cambridge you'll have a much more rigid degree (i think options are out of maths sociology and development but i could be wrong, and thus another advantage you might find of the LSE over cambridge is not only will you be studying a degree thats equally prestigious but you'll be able to go where you want with ...
having said that theres probably no doubting that cambridge has better teaching and it is the more prestigious university both in the uk and worldwide..