1. Also trained by Commons, Witte preferred the institutional economics approach to problems. 2. He is former founding editor of the Journal of Institutional Economics . 3. This approach sometimes goes under the rubric of New Institutional Economics . 4. New Institutional Economics is focused on levels two and three. 5. John R . Commons considered Macleod's work to be the foundation of Institutional economics . 6. His notion of transaction is one of the most important contribution to Institutional Economics . 7. He believed that institutional economics added collective control of individual transactions to existing economic theory. 8. Within the history of economic thought, Veblen is considered the leader of the institutional economics movement. 9. This book is novel in the use of game theory approach to the study of institutional economics . 10. Institutional economics is one means by which feminist economists improve upon the " homo economicus " model.
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