"expectations, a manifestation of subjectivism" -- Ludwig Lachmann, Expectations and the Meaning of Institutions Most economists today are "subjectivists": that is, they believe that, say, value, or expectations (as above) are "subjective" phenomena. This idea is often associated the Austrian School, but it is held widely outside that school. The term "subjective" is an unfortunate choice for what is being talked about here. For instance, my expectations have a subjective aspect , in that they are my expectations and not yours, and in that they are expectations about an uncertain future, rather than matters of "mere" fact. But they have an objective aspect as well, in that, so far as they are articulable at all, I can state them in our common language and share them with you (so they are not merely mine), and that, in so far as they are expectations and not mere fantasies, I mean them to be my best guess as to a future, objectiv...