Institutional economics reshapes neoliberal politics for fairer economic policies.
Neoliberal politics, which focuses on economics and politics, is influenced by institutional economics. This branch of economics, founded by Thorstein Veblen, connects society's nature with economic behavior. It argues that economics cannot be separated from social, cultural, and political institutions. Neoliberalism emphasizes financial market orders and relies on state power. By incorporating ideas from institutional economics, neoliberal economics can be applied more effectively and fairly.