Reader-Response Criticism and Postmodernism?

Reader-Response Criticism argues vigorously against the idea that meaning is embedded in the text and that the task of the reader is to get it out. This form believes that meaning emerges in the dialectical relationship between the text, as object, and the reader, as subject.
Is this a result of postmodernism, or is post modernism a result of this kind of thought? How do you think this will effect biblical interpretation in the future?
How do those who believe in scriptural authority respond to these?