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Copyright © Cambridge Political Economy Society

research-article

Is the firm an individual?

Elias L. Khalil*

*Ohio State University, Mansfield Campus

Abstract

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.

Manuscript received August 18, 1995; final version received July 11, 1996.


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