Proceeding from the premise that theoretical frameworks are fundamentally designed to enhance the understanding of complex socioeconomic phenomena and formulate practical solutions for systemic challenges, this article conducts a comprehensive comparative analysis of leading thinkers in New Institutional Economics. Utilizing a qualitative comparative research methodology, the study examines the diverse perspectives of key theorists, including Douglas North, Ronald Coase, Elinor Ostrom, Oliver Williamson, and the collaborative work of Daron Acemoglu, James Robinson, and Simon Johnson, to synthesize strategic policy lessons for the design and organization of an optimal economic system.

The comparative findings demonstrate a critical divergence between the core tenets of conventional economic orthodoxy—typically emphasizing market atomization, rapid liberalization, and aggressive privatization—and the multifaceted insights derived from the institutionalist perspective. The analysis reveals that an effective economic system is not merely the product of market mechanisms in isolation, but rather the result of robust institutional frameworks that shape incentives, govern interactions, and manage transaction costs. Consequently, this study challenges the “one-size-fits-all” approach prevalent in mainstream policy prescriptions. It argues for a paradigm shift toward context-sensitive, institutional-based policymaking, providing a more rigorous intellectual foundation for development strategies that prioritize sustainable economic order over simplistic adherence to standard liberal market reforms