The formalist and substantivist debate in economics represents contrasting perspectives on the nature of economic systems and behaviors. Formalist approaches emphasize the application of formal economic models, theories, and quantitative methods. This perspective focuses on rational decision-making, market mechanisms, and efficiency in resource allocation, often associated with neoclassical economics. In contrast, substantivist approaches view economies as embedded within social and cultural contexts. These approaches emphasize non-market transactions, reciprocity, and social relations in economic activities, highlighting the role of institutions and cultural norms in shaping economic systems. The debate between formalist and substantivist perspectives revolves around differing interpretations of economic phenomena, with implications for economic theory, policy, and practice.