The purpose of the 2012 Prague Conference on Political Economy is to gather papers that will focus on the challenges that multidisciplinarity brings to social sciences and policy-making in the beginning of the 21st century. Both theoretical and empirical papers are expected not only to address the current state of the discipline but also to envisage new perspectives for its development. The conference will welcome papers discussing issues at the intersection of economics, law, political science, history, philosophy, and other humanities. More specifically, some of the research questions the participants might address are: Law-and-economics in the 21th century; Austrian Economics and mainstream solutions to economic crises; Libertarian paternalism and “NUDGE” and public policy; Do social scientists need more interdisciplinarity or not?; Heterodox approaches vs. the mainstream in social sciences; European integration at the crossroads; Challenges to economic freedom measurement—China and the Nordic Model.