It’s all about your estimation (i.e., conjectures)—because nothing is objectively sure. Warren Buffett meets David Deutsch here conceptually. Ludwig Lachmann argues how there will be rough correspondence between the Portfolio Structure and the Plan Structure (and maybe the Control Structure) in free market economy, just like how scientific theories must correspond with reality.revisit
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- 1-1a2e11 Nothing objectively represents the represented
- 1-2.0 It is better to be roughly right than precisely wrong
- 1-2a1 Our ‘direct’ experience is also virtual because its meaning is conjectured and interpreted via guesses
- 1-2g2c Knowledge must be first conjectured (i.e., created) and then tested. That’s what life has been doing all along, according to Darwin’s theory. It can’t be derived mechanically (Lamarckism is wrong).
- 9-1b You can’t really transfer your knowledge to others, because each knowledge has to be created individually
- 10-2g2e9c Life has been creating knowledge by conjectures
- 13-1a3b The subjective value theory persists because of the multiverse—because we are fallible
- 13-4d4 Value is subjective