Does the wavefunction tell us what's happening in the system?

[jaydnul]

Tell me if the following is correct.

In quantum mechanics, you have a system and the observer. A measurement is simply an interaction between the observer and the system, and the wave equation tells us what sort of information we will be able to extract from the system. It doesn't tell us what is actually happening in the system. As of now, we don't know what is really happening, which is where the various theories (many worlds, Copenhagen, etc.) come in.

 

[Vanadium 50]

No scientific theory distinguishes what is "actually happening" (or "actually actually happening") from what is being measured. A scientific prediction is of the form "if you measure X, you will get Y". Period.