From Pleasure Machines to Moral Communities: An Evolutionary Economics without Homo economicus/scaffolding
From Critiques Of Libertarianism
There is an alternative view of the state and law [...] found within the German historical school, the original American institutional economics, parts of the new institutional economics, and elsewhere. The basic proposition is that the state provides an essential social and legal scaffolding for all private enterprise. Consider property rights. Individual property is not mere individual possession; it involves socially acknowledged and enforced rights. Individual property is not simply a relation between an individual and an object. It requires some kind of customary, legal, and moral apparatus of recognition, adjudication and enforcement. Similar considerations apply to the market: rather than the mere ether of individual interaction, markets are social institutions. Most of them are structured in part by statutory rules.
Geoffrey Hodgson, "From Pleasure Machines to Moral Communities: An Evolutionary Economics without Homo economicus", pp. 158-9.