Intersubjectivity

In simple terms, intersubjectivity refers to the shared cognitive understanding and mutual knowledge that people have when they communicate information and interact with each other. Intersubjective things exist in the exchange of information.

Things like laws, financial reporting rules, the idea of the "corporation", the idea of "countries", the idea of "money" are all intersubjective things that do not exist in nature, but you need that intersubjectivity in order to achieve mutual cognitive agreement and understanding.

So if you think of a financial statement. Imagine an "Investor" looking at the notion of "assets" on the financial statement of "Entity A" and also on the financial statement of "Entity B". This system can only be effective if the cognitive understanding of "assets" is the same for all three parties. Mutual understandings of agreement or disagreement.

This shared understanding helps people connect, collaborate, and build networks of understanding effectively. These groups operate effectively because of this shared understanding. When understanding can be represented in machine-readable form a completely new medium of exchanging information can exist and entirely new possibilities open up. Virtuous cycles can be created by discussing agreement and disagreement.

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