When discussing epistemology,
and particularly when disparaging
Karl Popper as a half-wit
(which still makes him waaaay ahead of
the usual crowd of witless zeroes who are paraded as philosophers),
I often like to tell about
Solomonoff Induction,
this compelling solution to the problem
of induction.
Popper believed such solution was impossible
(and redefined "induction" so as to prove his point with Hume's argument),
even though all humans (nay, mammals)
had been showing him wrong for millenia,
and though a formal solution had been hinted as
Occam's Razor
(tell me about
Diogenes
the Cynic's
response to
Zeno's
Paradox).
Well, it so happens that
Ray Solomonoff
has written a nice
historical account of his discovery
(kudos to CiteSeer).
Lots of reflective epistemological insight there --
and a lot of other great heroes who played a role in this story,
including (surprise!?) a key contribution by the founders of
LISP.
Of course, Solomonoff Induction is not meant to formalize exactly
the way we either think or ought to think.
Most importantly, it doesn't take into account the cost of thought,
which limits the depth and precision of our probability computations.
But that's not the point. The point is that we can formalize
the way that induction is being done, and capture in an understandable way
the essence of understanding -- and its limits,
as Chaitin
would no doubt remark.
PS: of course, there exist or can be invented
infinitely many variants of Solomonoff Induction,
that will take into account constraints on computation
such as costs, reversibility, etc.
These variants can help serve a variety of purposes,
from modelling human learning processes
to building machines that learn and otherwise mine data.
But the details of these variants is secondary and comes naturally;
the great discovery was in Solomonoff Induction.