(See Part 1 and Part 2. Also I am going to suspend the limit of three comments per post for this series of posts because it is a topic that benefits from back and forth discussions.)
Einstein was a firm believer in what we call objective reality, the idea that objects have properties that exist independently of, and prior to, any observer measuring them. As fellow physicist Pascual Jordan recalled, “We often discussed his notions on objective reality. I recall that during one walk Einstein suddenly stopped, turned to me and asked whether I really believed that the moon exists only when I look at it.” In this case Einstein, who is so often associated with turning our views of space and time upside down, was firmly on the side of the ordinary person in the street in believing in objective reality. He felt that the nature of objective reality required the particle to be spin up or spin down even before any measurement on it and so a complete theory should give solutions that contain that information. The fact that quantum mechanics stopped short of doing so meant, he felt, not that it was wrong but that it must be incomplete, the stepping stone to a more comprehensive and better theory that encompasses it.
But after more than a century, no such theory has emerged and many (probably the overwhelming majority) of physicists have come to accept that the lack of more information than is provided by quantum mechanics is not a failure of the theory but is because there is no more information to be had. In short, there is no objective reality, at least in the quantum world. The theory is indeed telling us everything that we can know and so is complete.
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