Veblen’s Institutonal Evolution Theory in the Context of the Concepts of Institution, Instinct and Habit

The concepts of instinct, institution, and habit constitute the foundation of veblen’s economic analysis. veblen makes his evaluations on institutional evolution process over these concepts. this study analyzes the roles of these concepts in the theo-ry of veblen’s institutional evolution, and argues that veblen’s theory brings a new per-spective to the discussions in the literature on the role of the individual in the process of social and institutional evolution, especially to the approach called “new economic sociology”