Educational institutions: What can we learn?
Education and training influences the economy, but what happens in the economy also has a big affect on what we are taught. Investing in education has long been seen as an important way for economies to grow.¹ This is because well trained workers tend to be more productive, which means they make more money which increases the size of the economy.
Cultural institutions: What do we believe or belong to?
The cultural institutions we’re a part of will play a big part in shaping our economic choices – from donating to charity as part of a church group, to fasting for Ramadan, to giving up chocolate for Lent. They could also play a part in how much power we have in an economic relationship.
Legal institutions: Whose laws do we follow?
Whatever our religion, social background, and personal values, the one system we’re all subject to is “the law”. Not everyone agrees on laws – gun laws, drug laws, and citizenship laws are extremely controversial, to name a few. But, by and large, laws are supposed to be the closest thing to a neutral set of rules for everyone to live by. Economies are shaped by the legal systems they’re in – what can and can’t be traded, what is and isn’t fair, what can and can’t be owned.