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Essay

The Hidden Shortages of the Market Economy

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If you think shortages—in goods like toilet paper, meat, and masks—came in with the pandemic, think again. Shortages are periods during which demand exceeds supply, and they’re an inescapable feature of all markets, all the time. When an investor bids up the price of Apple stock because none is available at current prices, that’s a…
Essay

The Economics of Shortages

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The price of food increased 2.6% in April, the largest single-month increase since 1974, but food industry executives are insisting that the country has enough food. So why are prices going up? The explanation provided by the industry is that consumers are buying more than they need, creating shortages. But a shortage is not a…
Announcement

Signing Off

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Dear Readers, When Amy Kapczynski introduces law and political economy, she often begins by describing a paradigmatic law student who arrives ready to fight injustice and is quickly sucked into an alienating vortex of efficiency-seeking and cost-benefit analyses. I was that student when I started law school, and by chance stumbled into the nascent LPE…. . .
Announcement

Join LPE at LSA (virtually)!

By LPE Editors

The Law and Society Association is holding its massive annual meeting online this year, and Law and Political Economy scholars will be there! The meeting takes place beginning this Thursday, May 28. Here is the link to the LSA conference page, where you can access sessions (LSA has said that only registered attendees may do…
Essay

Historicizing Consumer Protection

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Learned Hand once described the task of the Federal Trade Commission as “discover[ing] and mak[ing] explicit those unexpressed standards of fair dealing which the conscience of the community may progressively develop.” In a previous post, I argued that moving consumer protection law beyond consumer sovereignty requires recovering this way of thinking, common. . .
Symposium

Mutant Neoliberalism and the Politics of Culture

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As other contributors to this symposium have noted, Mutant Neoliberalism effectively illustrates that neoliberalism cannot be reduced to neoclassical economics or the Washington Consensus, but instead must be understood as a constantly mutating cultural and political formation. What I want to address in this piece is the methodological lessons this volume. . .
Symposium

The Bourgeois Internationale, Part II

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As I noted in my first post, it is possible that the COVID-19 pandemic will force a reckoning with the democratic deficit in the European Union and prompt a renewal of left-wing politics across the continent. However, the existing constitutional machinery of the five presidencies that make up the EU is both complex and considerably resistant to change, even. . .
Symposium

Up or Out: Migration and Rated Governance

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Ken Loach’s 2016 film I Am Daniel Blake (2016) depicts post-crash austerity in all of its bleak barbarity. The plot revolves around the film’s protagonist, a middle-aged carpenter, who attempts to navigate the British welfare system after a heart attack makes it hard for him to work. The message the system sends to our unlucky hero is that he is not. . .
Symposium

The Bourgeois Internationale, Part I

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Mutant Neoliberalism is an excellent collection of essays canvassing what editors William Callison and Zachary Manfredi rightly diagnose as the changing face of neoliberalism – really, the multiplicity of national, transnational and post-national neoliberalisms – evolving in the aftermath of the 2007-2008 financial crisis. Instead of a mortal wounding, the. . .

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