a) someone who institutionalizes (i.e defines in a scholarly, convoluted terms a non-scholarly, common, ubiquitous concept
b) an offensive term for an academic scholar
boy a) was Karl Marx an institutionalist?
boy b) yes. he was an institutionalist in the fields of, if I am not mistaken, moral politics and political morality. And mind you, he was an academic scholar at a German university.