 Traditional institutionalist economists question the value of abstract general theorizing and emphasize evolutionary concepts (Dugger 1979, Wilber and Harrison 1978, Wisman and Rozansky 1991, Hodgson 2000, 2013, 2016, Hodgson and Knudsen 2010, Delorme 2010, Richter 2015). They emphasize the importance of generalizations concerning norms and behavior within particular institutions. Applied work in institutional economics is sometimes very similar to applied orthodox economics. More recent work in economics, which is also called institutionalist, attempts to explain features of institutions by emphasizing the costs of transactions, the inevitable incompleteness of contracts, and the problems “principals” face in monitoring and directing their agents (Coase 1937; Williamson 1985; Mäki et al. 1993, North 1990; Brousseau and Glachant 2008).