When I’m struggling to understand what understanding means, I look at what this understanding does. Does this understanding improve my performance in some narrow domain (like solving math problems)? Does this understanding allow me to communicate with other agents more effectively?
Perhaps for this market analogy, there could be some kind of meta-level understanding: if you add this trader to the market, it allows other traders to translate between contexts (or make translation cheaper/more efficient).
When I’m struggling to understand what understanding means, I look at what this understanding does. Does this understanding improve my performance in some narrow domain (like solving math problems)? Does this understanding allow me to communicate with other agents more effectively?
Perhaps for this market analogy, there could be some kind of meta-level understanding: if you add this trader to the market, it allows other traders to translate between contexts (or make translation cheaper/more efficient).