Institutionalist political economy

Institutionalist political economy, also known as institutional political economy or IPE, refers to a body of political economy, thought to stem from the works of institutionalists such as Thorstein Veblen,^[1] John Commons,^[2] Wesley Mitchell and John Dewey. It emphasizes the impact of historical and socio-political factors on the evolution of economic practices, often opposing more rational approaches.^[3] In the political sense, this implies the influences actors like the state have on socio-economic practices and the shaping of institutions via political decision-making.^[4]

Relevant variables for the study of political institutions include the structures that indicate voting rules, the political system, preferences and ideological leanings of leaders.^[5]