The social psychological framework of John R. Commons' theory of institutional economics is similar to that outlined by John Dewey in his book 'Human Nature and Conduct.' Commons' concept of the will-in-action was perceived to have been influenced by Dewey's philosophy. Moreover, he adopted Dewey's social psychological presumptions to form his theory of negotiational psychology, which rejected the traditional economics that was characterized by individualistic psychology,
Antitrust law's tying doctrine is based upon the faulty economic assumption that market power is the primary determinant of forcing and upon normative assumptions regarding the purposes of antitrust law. The US Supreme Court's modified per se rule and the Chicago School's allocative efficiency approach do not withstand empirical analysis. New Institutional Economics presents a better approach which recognizes the existence of ties without antecedent market power and without forcing.
The application of the chaos theory model in institutional economics is more useful than the use of the chaos theory metaphor in institutional analysis. However, chaos theoretic modeling is limited by the lack of large data sets in institutional analysis. Simulations models, with their moderate function, are the only available models for institutional analysis. This leads to the use of symbolic and iconographic types of metaphors provided by chaos theory. Thus, it can be concluded that chaos theory is indeed useful in institutional analysis by providing many metaphorical levels.
Conventional economics is involved with the examination of givens to givens allocation to attain the maximum real income. Original institutional economics (OIE) believes that to comprehend the economic activities of any human group, it is necessary to subject the involved social processes to theoretical and empirical study. OIE relies less on econometric techniques and more on comparative method developed by anthropologists through their collection of information and generalizations regarding the economic activities of human groups. The OIE approach introduces social change that adds power and culture into economic analysis.
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