This article analyses the core critiques on institutional change theories within the neoinstitutional research agenda in comparative political science. It offers an explanatory typology using analytical challenges for the development of theories with new institutional approaches. This typology provides key critical issues that should be seriously considered by political scientists when analysing change. The framework suggests that the analytical challenges be posed in five interwoven dimensions: a) inclusion of institutional variables; b) agency and cognition; c) contextual sensitivity; d) increasing precision in the concept of institution (and institutional change); and, e) recursive interaction between agents and institutions in the process of institutional change. Based on these challenges, the article conducts a comparative analysis of the theories of change suggested by North and Aoki to understand how they deal with such issues.