A firm is just a "nexus of contracts." Payroll contracts with employees, profit contracts with shareholders, debt contracts with lenders, delivery contracts with customers, tax contracts with the state. Blockchain-based "smart" contracts will eventually reinvent the firm.
While I agree about the potential of smart contracts, it seems to me that "a firm is just a nexus of contracts" is exactly backward -- a firm is a nexus of those things which can't yet be efficiently managed by contract, or shouldn't be...
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...primarily relationships between people who work together within the firm. contracts are too clumsy a tool to govern the organic back-and-forth between people brainstorming, designing, or doing other kinds of complex creative work
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