""Institutional economics" alone meets the demand for a generalized description of the economic order. Its claim is to explain the nature and extent of order amid economic phenomena, or those concerned with industry in relation to human well-being. In the words of Edwin Cannan, it attempts to tell "why all of us are as well off as we are" and "why some of us are better off than others." Such an explanation cannot properly be answered in formulas explaining the processes through which prices emerge in a market. Its quest must go beyond sale and purchase to the peculiarities of the economic system which allow these things to take place upon particular terms and not upon others."
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Walton H. Hamilton, "The Institutional Approach to Economic Theory." The American Economic Review 9.1 (1919): 309-18. p. 311
https://en.wikiquote.org/wiki/Institutional_economics
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Institutional economics
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