The identification of a thing, thought, or process by a number of people. This identity acts as a base. This is the collective idea of people about domains life in a social setting. This is essential for the social fabric to sustain in the so called dwellings like villages, cities or countries.
For example, the "Job" is a widely accepted formula for earning for a living at a recurrent fixed income over the years. The concept of job is well known, and widely accepted across time - in medieval ages to the modern age, geographically, even in space!
Few other examples are education, and money.
Portuguese word "Saudade" - expresses a subtle emotion that we feel when we walk down the lane.
For engineering "Incremental approach" - tells the small step increase over time for accomplishing simple, hard or impossible tasks.
This formulation saves human time and makes it easy to communicate complex ideas in an analogous fashion. For the formulation to happen the attributes have to be felt by a substantial number of people. Some formulations take years to decades to manifest.
Every now and then there is new kind of formulation happening as our understanding develops where people pioneer in a new way of doing things.
A well formed social formula paves the way for easy spreading the knowledge around it and pass it down easily the learnings. For example, the business strategies, fallacies, and biases.
Social formulae are difficult to change without a jolt. A lot of effort is expected or a sudden realization happened with masses. Only during the extraordinary circumstances that have consequences at a massive level does the formulation changes considerably.
The formulations persistent across generations even when the essential conditions that lead to the formulation in the first place cease to exist. This presents a challenge to people blindly adhering to the status quo. This can sometime even lead to misunderstandings and even conflict.