Institutional economics is not a homogeneous field, but a pluralist family of
approaches, all analysing institutional aspects of economic development and
organization. A distinction is usually made between New Institutionalism
(evolutionary economics, regulation theory and various offshoots of
‘old’ US institutionalism) and New Institutional Economics
(NIE). This article examines the principal theoretical underpinnings of these
currents and assesses their potential to enrich planning theory, in particular
institutional planning and land-use planning theory. The author warns against
injudicious marriages, especially if future spouses behave as ostriches, seeking to
avoid ontological incompatibilities.
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