Tenth law of worker entropy: Difference between revisions
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As we have remarked [[look, I tried|elsewhere]], much of the [[financial services]] industry consists in [[agent]]s of one stripe or another extracting a livelihood from the transit between them of a parcel — typically, millions of little parcels — owned by someone else — typically, millions of little someone elses. | As we have remarked [[look, I tried|elsewhere]], much of the [[financial services]] industry consists in [[agent]]s of one stripe or another extracting a livelihood from the transit between them of a parcel — typically, millions of little parcels — owned by someone else — typically, millions of little someone elses. | ||
Each parcel’s owner, a principal, has for one reason or another little capacity to observe or intervene in this game, but participates in it all the same because of perceived historical tendency of the parcels to rise in value over time at a greater rate than the general rate of agent-inflicted atrophy. Not always — as unit holders in [[Fairfield Sentry]] would no doubt | Each parcel’s owner, a principal, has for one reason or another little capacity to observe or intervene in this game, but participates in it all the same because of perceived historical tendency of the parcels to rise in value over time at a greater rate than the general rate of this [[rent-seeking|agent-inflicted atrophy]]. Not always — as unit holders in [[Fairfield Sentry]] would no doubt attest — but nonetheless ''generally''. As a rule, over the the run of western civilisation, the tide of prosperity has risen and lifted all the millions of little dinghies upon it, even though each one has sprung a little, obligatory, leak. | ||
So, the [[care horizon]], and honour amongst thieves. The [[JC]]'s [[tenth law of worker entropy]] which we will call the [[rule of collective agency]] is this: {{maxim|I will allow you your pedantry as long as you grant me mine.}} It is bad form to impinge on another agent’s reasonable aspiration to [[rent-seeking|extract rent]]. | So, the [[care horizon]], and honour amongst thieves. The [[JC]]'s [[tenth law of worker entropy]] which we will call the [[rule of collective agency]] is this: {{maxim|I will allow you your pedantry as long as you grant me mine.}} It is bad form to impinge on another agent’s reasonable aspiration to [[rent-seeking|extract rent]]. | ||
Modern management has evolved to suit, with the | Modern [[middle management|management]] has evolved to suit, with the different kinds of agent separated and [[silo]]ed into to areas of sole competence such that one “officious” [[agent]] has no standing over the the domain of another. | ||
For example, a lawyer cannot, even if he wants to — and many of them ''do'' want to: I have yet to find one who does not — overrule a credit officer’s insistence that there must be a [[cross default]] in a overnight financing agreement. He may even get in trouble for trying. “Why should you even care? [[If in doubt, stick it in|It does no harm to ask]].” |