Formalist–substantivist debate

The formalist-substantivist debate is about different kinds of economic systems. Formalists think that economic systems should be based on rules, like laws, while substantivists think that economic systems should be based on people's beliefs and values. Formalists believe that rules make things simpler and easier to understand, while substantivists think that economic systems should be based on specific cultural and social norms. So, the formalist-substantivist debate is about how people make decisions about economics and whether we should rely more on rules or on people's beliefs and values when deciding on economic decisions.