The break of the twentieth century has seen two fundamental theories challenging the fields of mathematics and (heterodox) economics-(ZFC) Set theory and Veblenʼs Institutionalist economics. Although no direct relationship between these diverse projects has ever been documented, this paper argues that Veblenʼs appropriation of psychological traits and instincts, resulting in a comprehensive social theory of institutional frameworks, utilizes a mode of axiomatic thinking analogous to constructing sets in mathematics. Contemporary philosophy and psychology have only recently shown how their theoretical cores can relate to set theory, potentially retroactively uncovering how Veblenʼs mode of thinking the relation instincts-habits of thought-institutions could be philosophically interpreted anew. This mode of inquiry thus also exposes the overarching, albeit implicit, aim of this paperto outline the preliminary steps towards a (continental) philosophically inspired critical theory of institutions relating to the critique of political economy.