ABSTRACT
The task of economics goes beyond the preliminary recognition of certain patterns of interaction based on subjective meaning. Static subjectivism is perfectly consistent with the well-known covering-law model of scientific explanation. Thus, static subjectivists must offer explanations that are incomplete even in terms of the theoretical framework in which they appear. Nevertheless, for the broad purpose of specifying principles of explanation consistent with dynamic subjectivism, both the favorable relevance and pattern explanation ideas are acceptable. While there are extremely important differences between static and dynamic subjectivism, there are also important logical dependencies and interrelations between them. The single-value expectations approach is ultimately an inadequate portrayal of the position of the decision-maker. The process of learning, the characterization of time and uncertainty, the construction of a useful equilibrium concept – all must entail appreciation of the nonmechanistic and indeterminate aspects of individual action.
