IS THE FIRM AN INDIVIDUAL

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