The first chapters of Volume 3 (by different authors) are about "institutional economics." There doesn't seem to be much in common among the institutional economists. Some focus on the role of institutions and others on change and evolution. They seem most similar as a contrast to neoclassical economists, who strongly assume stable preferences, rationality and equilibrium.
Peter Boettke argues that Austrians are "insitutionalists" due to their focus on change. For example, Hayek wrote about the evolution of institutions -- markets, laws, and rules of conduct -- as they evolve spontaneously as individuals interact. They are the result of human action, not human design.
William Dugger disputes Austrians being in anyway institutionalists. He declares the essence of institutionalist economics is dissent from the mainstream. He says institutionalism is inherently egalitarian. To be an Institutionalist means to be for the "underdog", the poor and workers. The Austrians are inherently elitist, for the rich and entrepreneurs.
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