The social rules and guidelines that prescribe appropriate behavior in a particular situation are called norms. These social norms govern behavior in groups and society in general. Arrow 1971, Akerlof 1976 said: norms are efficient means to achieve social welfare, Coleman 1989 said prevent market failures.
The system of values and norms that are shared among a group of people and that when taken together constistute a design for living is referred to as culture.