Oliver Williamson and the "New Institutional Economics" school came up with a four-layer model explaining that real-time/day-to-day economic activity is influen

Oliver Williamson and the "New Institutional Economics" school came up with a four-layer model explaining that real-time/day-to-day economic activity is influenced by contracts (time frame: months to years) which in turn are influenced by institutions, laws, etc. (time frame: years to decades) which in turn are influenced by things like culture and religion (time frame: centuries).