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The institutional economics perspective, the local wisdom paradigm, the qualitative-interpretative paradigm, is used to conceptually reconstruct the existence of institutional economics and local wisdom of the coastal community of Muncar Banyuwangi village. The life of the coastal community of Muncar has redefined the existence of the coastal economy in an evolutionary manner. This coastal community has a different typology from spaces whose cultural wisdom identities become local identities. The community group has a different economic culture that is influenced by institutions and norms, power structures, community tacit knowledge of the coastal and marine environment ,. Coastal community stereotypes emerge in regulating and managing the area and the community uses a lot of power structure in the management of harmony with nature (the sea). Forms of management that are formed through local economic institutions, among others, appear in the division of tasks, collateral cooperation (horizontal) with dependence on others (mutual cooperation) and strengthening the norms and social values that apply in this society. This new local paradigm gave birth to the transcendental behavior of the people inherent in the economic activities of catching and processing sea fish. The coastal area which is a fish production center is dominated by traditional capture fish processing with a natural management system.