“Economists would call this an institution. Institutions are organisations or patterns of behaviour built by societies to help solve social or economic problems which the law or private markets cannot fully address.”
“Yet for many of the most important questions within economics, economists have chosen to act like institutions simply do not exist.”
The consent of the governed: The hole at the heart of economics | The Economist
Can you think of any other area of study that has such a large blind spot in it’s central research?