The only reason people work is that they can have food so that their thermodynamic process of biology maintains consistent - if you do not account for this then you have not even begun to think about an economy

I have a degree in econometrics

that has nothing to do with reality

economists are totally completely capitulated to capitalism as a religion

there is no other possible thing that institutional economics talks about

so if your entire point is that you wanna stay within the frame of institutional economics then like I said there’s nothing else to be said here

If you really wanna go fully into this then you can read my paper that pulls all of it together:

https://kemendo.com/GTC.pdf