Science is the only self-correcting human institution, but it also is a process that progresses only by showing itself to be wrong.
The process of debugging, going an correcting the program and then looking at the behavior, and then correcting it again, and finally iteratively getting it to a working program, is in fact, very close to learning about learning.
Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good overall results at all periods except when the general market itself is clearly in a selling range for investors. They show up to best advantage during the years in which the market remains in a relatively narrow and neutral area.
The free market is the epitome of life itself. This is something that all scientists recognise because science itself operates on free market lines.
When things get bad enough, then something happens to correct the course. And it's for that reason that I speak about evolution as an error-making and an error-correcting process. And if we can be ever so much better - ever so much slightly better - at error correcting than at error making, then we'll make it.
I see the triumph of good over evil as a manifestation of the error-correcting process of evolution.
Chance is commonly viewed as a self-correcting process in which a deviation in one direction induces a deviation in the opposite direction to restore the equilibrium. In fact, deviations are not "corrected" as a chance process unfolds, they are merely diluted.
What we call the market is really a democratic process involving millions, and in some markets billions, of people making personal decisions that express their preferences. When you hear someone say that he doesn't trust the market, and wants to replace it with government edicts, he's really calling for a switch from a democratic process to a totalitarian one.
Your race devotes itself to justifying its errors, not correcting them
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
Cognitive therapy seeks to alleviate psychological stresses by correcting faulty conceptions and self-signals. By correcting erroneous beliefs we can lower excessive reactions.
Scientists are human-they're as biased as any other group. But they do have one great advantage in that science is a self-correcting process.
So many people among non-scientists see science as an unassailable monolith of truth, and it's not. It's an ongoing self-correcting process.
The market is not a place, a thing, or a collective entity. The market is a process, actuated by the interplay of the actions of the various individuals cooperating under the division of labor.
The European model is, first, a social and economic system founded on the role of the market, for no computer in the world can process information better than the market.
I think of evolution as an error-making and error-correcting process, and we are constantly learning from experience.