Law and Political Economy: Missing Markets, Missing Law, and Missing Political Economy

Authors

Andrew P. Morriss, Texas A&M University School of LawFollow
Roger E. Meiners

Document Type

Article

Publication Date

5-2025

Journal Title

Journal of Law, Economics & Policy

ISSN

1553-4367

Abstract

This Article critiques the "Law and Political Economy" (LPE) framework. It aims to challenge the Law and Economics (L&E) approach. We argue that LPE lacks a coherent theoretical foundation and fails to engage with empirical evidence, rendering its critiques of markets, law, and political economy incomplete and unpersuasive. By contrast, L&E provides robust analytical tools and a well-developed understanding of legal and market dynamics, is grounded in empirical research, and has theoretical consistency. We illustrate these points through historical examples in the evolution of L&E and suggest ways LPE can evolve to offer a meaningful alternative. Rigorous intellectual competition will advance the understanding of law and its role on the economy.

First Page

91

Last Page

146

Num Pages

55

Volume Number

20

Issue Number

1

Publisher

George Mason University School of Law

Recommended Citation

Andrew P. Morriss & Roger E. Meiners, Law and Political Economy: Missing Markets, Missing Law, and Missing Political Economy, 20 J.L. Econ. & Pol'y 91 (2025).
Available at: https://scholarship.law.tamu.edu/facscholar/2313

File Type

PDF