Vladimir_Golovin comments on Bad reasons for a rationalist to lose - Less Wrong
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Yep, my example with orcs vs. tricks was a degenerate case -- it breaks down if the procrastination activity has at least some usefulness, which is certainly the case with self-education as a procrastination activity.
But this whole area is a fertile ground for self-rationalization. In my own case, it seems more productive to simply deem certain procrastination activities as having zero benefit than to actually try to assess their potential benefits compared to other activities.
(BTW, my primary procrastination activity, PC games, is responsible for my knowledge of the English language, which I consider an enormous benefit. Who knew.)