This research focuses on how the methodology of new institutional economics could be applied to economic studies of communications. In the past, theories of communication economics were mainly grounded in either critical political economy of the Left or industrial economy of the Right. There are some case studies using application of new institutional economics, but not very much theoretical investigation. This research elucidates the thought of Ronald Coase, the founder of the new institutional economics, on communication. It also points out the potential contribution to the studies of industrial organization of communication industries, communication policy and, communication history. This research also discusses the relationship between the new institutional economics, political economy and industrial economics of communications.