In spite of the fact that statistical predictions of quantum theory (QT) canonly be tested if large amount of data is available a claim has been made thatQT provides the most complete description of an individual physical system.Einstein's opposition to this claim and the paradox he presented in the articlewritten together with Podolsky and Rosen in 1935 inspired generations ofphysicists in their quest for better understanding of QT. Seventy years afterEPR article it is clear that without deep understanding of the character andlimitations of QT one may not hope to find a meaningful unified theory of allphysical interactions, manipulate qubits or construct a quantum computer. Inthis paper we present shortly the EPR paper and the discussion which followedit. By emphasizing the difference between quantum phenomena and hypotheticalinvisible sub phenomena we show that paradoxes are only found if incorrectmodels of sub phenomena are used. The violation of Bell and CHSH inequalitiesdemonstrate clearly that "an entangled pair of photons" resembles neither "apair of Bertlmann's socks" nor "a pair of fair and random dices". Finally werephrase the EPR question by asking whether QT provides the completedescription of experimental data.
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