MEASUREMENT!!!!!

Lasse Lien asks whether judgement is measureable:

how do we separate judgement from dumb luck?

My comment (trying to prompt Fred Sautet into sharing his thoughts) was:

Isn’t “alertness” (=costless discovery) just a theory of luck?

Of course I don't really believe that, but it is an interesting debate. Unfortunately for Lasse I fear it's an inherently unsolvable problem - by definition entrepreneurial judgement isn't measureable, and hence we can only use a proxy. And what's the best proxy? Profits? Convenient but tautologically unhelpful.

So what does the empiricist do when faced with an immeasureable phenomena with no clear proxy? Approximate as close we can, or turn to qualitative methods. You take the high road and i'll take the low road, and science (not Science) will progress as a result!