President-elect Barack Obama is expected to round out his economic team next week with the selection of Cecilia Rouse, a Princeton University labor economist well-known for her work on the economics of educational investments, according to an Obama economic transition aide.

Ms. Rouse will join Christina Romer and Austan Goolsbee as the third member of the Council of Economic Advisers, which advises the President on economic policy. All three are academic economists with distinct specialties: Ms. Romer is an economic historian...