Williamson’s framework: 4 level of social analysis
Level 1: Embeddedness. Informal institutions, customs, traditions, norms and religion; Frequency of change is 100 - 1000 y.
Level 2: Institutional environment. Formal rules of the game: property, bureaucracy. Frequency of change is 10 - 100 y.
Level 3: Governance: play of the game - contract. Frequency of change is 1- 10
Level 4: Resource allocation and employment (prices and quantities; incentive alignment). Continuos.