The relationship between law and economic development continues to be an elusive topic, with three general approaches discernible (the purely instrumentalist approach, the instrumentalist law-centred approach and the dynamic approach). This chapter argues that there is a range of interactions taking place that have not yet been adequately analysed. For this reason I propose unpacking this relationship with a set of tools that foreground the theoretical dialogue taking place between economists and lawyers, in order to acquire a more complex understanding of the exchange that is taking place. First, a detailed unpacking of the set of ideas that underlie the role of law in society is necessary. This means understanding what the idea of law is in the background of both economists and policy-makers. Do they believe that law is a neutral frame that regulates market transactions or that it is an instrument to promote social transformation and redistribution? Each of the answers to these questions will deploy a different view of the power of judiciary, the executive branch or the Congress of Colombia. In addition, background definitions of liberty and equality are essential to limit the possibilities of any legal reform.