This paper is a continuation of the research on the course of institutional changes, the results of which were presented in the article published in “Ekonomista” in 2017, (Sukiennik, Dokurno, Fiedor 2017). The aim of this article is to compare various concepts of institutional changes and to indicate in which aspects they are similar and in which they are different. The article points to various possibilities for the emergence of institutions, institutional changes, or interactions between institutions, based on the Nash equilibrium, limited rationality, transaction costs, transformation costs, or the concepts emphasizing the role of habits and path dependence. The article contains a review and systematization of the scientific achievements to date in institutional economics. The study mainly uses the method of ex‑post deductive reasoning, accompanied by a case study of costs of institutional changes caused by the UK’s departure from the European Union.