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, Karl Marx/O. Hart's idea of property rights and R. H. Coase/O. E. Williamson's notion of transaction costs are insufficient to substantiate the market/firm dichotomy. Second, F. A. 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, V. J. 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.