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Abstract
Law and economics (L&E) emerged as a field in the middle of the twentieth century, it focused on using economic theory to study the common law. During this period, L&E offered insights so novel that it not only profoundly influenced legal doctrine, but the movement’s key figures also became some of the most cited and acclaimed scholars in the American academy. The field of law and economics has since continued to grow and become more technically sophisticated, but it is also a less cohesive movement. Moreover, L&E has been misunderstood and misrepresented by the emerging law and political economy (LPE) movement. In this Essay, we start the process of reclaiming L&E by offering a definition of the current field: Contemporary law and economics is an academic field that (1) has a commitment to using the social scientific method of inquiry to (2) study questions about the law and legal institutions (3) in a way that is typically informed by economic insights. We then describe L&E’s comparative advantages, explain its relationship to the LPE movement, and suggest a roadmap for its renewed relevance.
Recommended Citation
Chilton, Adam; Macey, Joshua C.; and Versteeg, Mila
(2026)
"Contemporary Law and Economics,"
University of Chicago Law Review: Vol. 93:
Iss.
2, Article 1.
Available at:
https://chicagounbound.uchicago.edu/uclrev/vol93/iss2/1