drawing attention to a deep and abiding ideology here: economics often presents itself as a science describing a universal and indeed physical phenomenon. remember that "the market" as we it is not only an ideal model but a very limited one that vehemently does not apply to most of the world, both inside and outside of California.

"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."

institutions have existed long before the rule of law, or the existence of private markets.

what he does get right is the fallacy of "ceteris paribus" or "all else remaining equal" that is used in most economic arguments with their limited scope.