I'm currently looking at New Institutional Economics and I can't get my head around the assumption of the neoclassical irrelevance theorem stated by the neoclassical economics.
It doesn't matter whether the factors of production are owned or rented by their users (see Samuelson 1 957, 894: "Remember that in a perfectly competitive market it really doesn't matter who hires whom: so have labor hire ' capital, ' . . ." )
I can't seem to find an explanation for that statement. Can someone explain it in terms of neoclassical thinking?