Institutionalism is an American outgrowth of Historicism which emphasizes control of human actions by patterns of group behavior and advocates political intervention as the best means of changing man's habits and improving mankind. The "institutional approach" is a collectivist approach opposed to the approach of individualism and the idea that economics is a science. Institutionalism is a broader and more general term than Institutional economics.
- Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-07-17.