In recent years economists have become increasingly interested in Institutionalism. Institutionalism has different branches and encountered some critics. In this article, we first rely on comparative study to review the institutionalism and provide new division in the paradigm and then examine the Searle's critics to institutionalists for their neglect to language as an important institution while it is central to philosophical concerns. Findings of this study indicate that considering language as an institution, this relates institutional theory to the so called discourse theory. Therefore, such a correlation would improve institutional theory.