Subjectivism, Interactivity and Creative Action in Austrian Economics

Subjectivity and its interactive relation to socio-institutional context have been recently brought to attention in new approaches of social and economic theories that seek to analyze human action. The shortcomings resulted from naïve versions of methodological individualism, which make explanation of social phenomena regardless of inter-personal interactions and relations, call for more interpretative approaches in explaining such phenomena. This article attempts to make a better understanding of the concept of intersubjectivity, through questioning subjectivism and its ontological dependency to social context. To this end, in addition to examining the implicit themes in epistemological contributions of some of the greatest minds of Austrian school of economics, we try to embed the creative entrepreneurial action in an interpretative-institutional framework, and to bring intersubjectivity, as an important explanatory position in analyzing such action, into the theoretical attention.