Is the universe computable? If yes, is it computationally a polynomial place? In standard quantum mechanics, which permits infinite parallelism and the infinitely precise specification of states, a negative answer to both questions is not ruled out. On the other hand, empirical evidence suggests that NP-complete problems are intractable in the physical world. Likewise, computational problems known to be algorithmically uncomputable do not seem to be computable by any physical means. We suggest that this close correspondence between the efficiency and power of abstract algorithms on the one hand, and physical computers on the other, finds a natural explanation if the universe is assumed to be algorithmic; that is, that physical reality is the product of discrete subphysical information processing equivalent to the actions of a probabilistic Turing machine. This assumption can be reconciled with the observed exponentiality of quantum systems at microscopic scales, and the consequent possibility of implementing Shor's quantum polynomial time algorithm at that scale, provided the degree of superposition is intrinsically, finitely upper-bounded. If this bound is associated with the quantum-classical divide (the Heisenberg cut), a natural resolution to the quantum measurement problem arises. From this viewpoint, macroscopic classicality is an evidence that the universe is in BPP, and both questions raised above receive affirmative answers.A recently proposed computational model of quantum measurement, which relates the Heisenberg cut to the discreteness of Hilbert space, is briefly discussed. A connection to quantum gravity is noted. Our results are compatible with the philosophy that mathematical truths are independent of the laws of physics.