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Institutional political economy refers to a body of political economy thought stemming from the works of Thorstein Veblen, John Commons, Wesley Mitchell, John Dewey.
New Institutionalism is often contrasted with "old" or "classical" institutionalism, the latter of which was first articulated in the writings of John Dewey, Thorstein Veblen, John Commons, and others, and which has been further extrapolated by various philosophers and scholars such as Donald Davidson, Richard Rorty, Amartya Sen, Donald McCloskey, Warren Samuels, Daniel Bromley, E. J. Mishan, Yngve Ramstad, and others.