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Eugine_Nier comments on How about testing our ideas? - Less Wrong
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There was no such stagnation. This is the period which saw M-theory, the holographic principle, and the twistor revival, three of the great theoretical advances of all time, and in general there was an enormous elevation in the level of technical knowledge. Smolin is just peeved that string theory is where all the action was.
The question is whether these theories correspond to reality.
Holography likely does, in some form, given that it pops up from every direction of research. The rest -- who knows.