You are correct. If I were to write a dictionary today it would lack a lot and be supremely inferior to any oxfords or websters dictionary out there. That was, in fact, the point. I would never expect any such attempt to pass. Neither would I expect any dictionary with a six legged cow to receive any credible support. This theoretical dictionary is an exaggeration of the oxfords and the websters current situation. While they have spent decades doing what this dictionary would have attempted in one day. While the work would have been done by, I assume, at least professionals with BA's in English and Literature. There is still a sense if finiteness in the dictionary. That was the point.

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