J. R. Commons’s institutionalist theory provides an analytical economic framework as a new way of conceptualizing labor economics. This paper presents exploratory reflections on research avenues that such a conceptualization could follow. Our analysis proceeds in two stages. First, we explain the centrality of the concept of institution in the commonsian theoretical framework which amounts to a theory of instituted action. Second, we present the basic features of « commonsian labor economics » which offer a « transactional analysis of the employment relationship. »