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{{Quote|If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem. | {{Quote|If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem. | ||
:—John Paul Getty (''attrib.'')}} | :—John Paul Getty (''attrib.'')}} | ||
{{d|Metis||n|}} | {{d|Metis|/ˈmiːtɪs/|n|}} | ||
A coinage from {{author|James C. Scott}}’s magnificent {{br|Seeing Like A State}}, metis is hard to describe — the Greek word “Μῆτις” combined folk wisdom, knowhow, Odyssean cunning — but in the corporate world it most resembles ''[[subject matter expertise]]''. Ingenuity, problem-solving, lateral thinking; smarts for figuring out what to do on the fly if you are in a jam. | |||
Μῆτις was also one of the sea-nymphs, who became some kind of deity associated with wisdom, deep thought, and magical cunning. Which is nice. | |||
picked up in the early exchanges of {{author|Allen Farrington}}’s {{br|Bitcoin Is Venice}} is that of the difference of “[[metis]]” — knowhow, experience, wisdom, accumulated ''[[heurism]]'' — what we call ''[[subject matter expertise]]'', and which stands in distinction to — in forlorn ''defiance'' of — [[high modernism]] which solves everything at scale, by abstract model referencing the homogenised general and not the intricate particular. | |||
The difference between the top-down [[averagarianism|averagarian]] view and the [[subject matter expert]]’s view. The administrator knows that the portfolio risk is, say 5 percent and succeeds it she can “manage the portfolio” to suffer a risk of less than 5 percent — which she may do by ''changing'' the portfolio to remove what she sees as the high-risk instruments — whereas an individual risk manager manages a single instrument with a given risk of 5 percent and succeeds if she can avoid that risk altogether. For the individual risk manager, there is no 5 percent loss. The loss is either nil or 100%. | The difference between the top-down [[averagarianism|averagarian]] view and the [[subject matter expert]]’s view. The administrator knows that the portfolio risk is, say 5 percent and succeeds it she can “manage the portfolio” to suffer a risk of less than 5 percent — which she may do by ''changing'' the portfolio to remove what she sees as the high-risk instruments — whereas an individual risk manager manages a single instrument with a given risk of 5 percent and succeeds if she can avoid that risk altogether. For the individual risk manager, there is no 5 percent loss. The loss is either nil or 100%. |