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.
...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
