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许多伟大的政治经济学家诸如亚当·斯密、边沁、穆勒和马克思都十分重视法律和经济之间的关系。奇怪的是在二十世纪的早期和中期,法律和经济的教学和研究几乎是在相互独立和互不沟通的情况下进行的。法律的研究似乎常常忽略了法律制度对经济的影响或者经济因素对法律制度运作的影响。同样地,许多经济学者因倾向于理论问题的数理模型化而轻视了机构因素对部分或整个经济在现实世界中实际运行的作用。
Many great political economists, such as Adam Smith, Bentham, Mill and Marx, attach great importance to the relationship between law and economy. Curiously, in the early and mid-twentieth century, law and economics teaching and research were conducted almost independently and without mutual communication. Legal studies often seem to overlook the impact of the legal system on the economy or the impact of economic factors on the operation of the legal system. Similarly, many economists have tended to neglect the role of institutional factors in the actual operation of part or the whole of the economy in the real world because of their tendency to mathematical modeling of theoretical problems.