Is the firm an individual?

This paper shows how three new institutionalist theories try, but ultimately fail to support the firm-as-individual thesis. First, Marx/Hart's idea of property rights and Coase/Williamson's notion of transaction costs are insufficient to substantiate the market/firm dichotomy. Second, Hayek's constructionist view presents the firm, as opposed to the market, as a designed order - no different from artifacts such as tables and cars. Third, Vanberg's constitutionalist theory also fails to support the firm-as-individual thesis. The paper suggests that the 'consented goal' notion is a fruitful ground upon which to build the firm-as-individual thesis.