ABSTRACT
In common with the major earlier institutionalist tradition associated with Thorstein Veblen, Wesley Mitchell, John R. Commons, and Clarence Ayres, new institutional economics (NIE) represents a loose collection of ideas aimed at bringing institutional characteristics back to the core of economic analysis.[1] Given its somewhat disparate nature, NIE is difficult to define with any degree of precision. Frant[2] identified three "precursors" of NIE.
