School of economics that flourished in the U.S. in the 1920s and '30s, which viewed the evolution of economic institutions as part of the broader process of cultural development.
John R. Commons emphasized the collective action of various groups in the economy, viewed within a system of continually evolving institutions and laws. Other U.S. institutional economists include Rexford Tugwell and Wesley C. Mitchell . See also {{link=classical economics">classical economics , German historical school of economics .