Is American institutionalism more than just dissent? This research explores the core tenets of American institutional economics during the period 1918-1929. It examines whether institutionalism comprised a coherent research agenda or merely a collection of individual dissenting viewpoints, analyzing key figures like Thorstein Veblen, Wesley Mitchell, and John R. Commons, who possessed distinct methodologies. The analysis reveals underlying consistencies, emphasizing the focus on the evolution of institutions and their impact on economic behavior. By synthesizing these diverse perspectives, the study provides a cohesive understanding of institutionalism's contributions to economic thought, challenging claims of its incoherence and solidifying its legacy in the field. This synthesis illuminates the coherent vision that drove institutionalism's early decades. It highlights institutionalism's focus on evolutionary approaches, quantitative research, and legal institution analysis, providing an overview of its core commitments and distinctive approach to **economic theory**. This research clarifies the methodological and theoretical disparities within American institutionalism. The investigation of key founders reveals differing directions while highlighting consistent themes. The study challenges the perception that institutionalism lacked a positive agenda. By recognizing its focus on the evolution of institutions and their impact, the research reasserts its significance as a vital school of thought in economic history.
Published in the Journal of the History of Economic Thought, this paper aligns perfectly with the journal's focus on the development of economic ideas. By critically examining the foundations and early development of American institutionalism, the article contributes to the historical understanding of economic thought and its evolution.