All rational action is economic. All economic activity is rational action. All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts. Ludwig von Mises
Influences of various kinds conspire to increase corporate action and decrease individual action. Herbert Spencer
An institution is defined as collective action in control, liberation and expansion of individual action. Its forms are unorganized custom and organized going concerns. The individual action is participation in bargaining, managing and rationing. John R. Commons