For latent vs. manifest, see the earlier toot, though TL;DR: _manifest_ functions (or concepts, messages, phenomena) are those which are _immediately_ apparent. _Latent_ ones ... require some degree of interpretation.

This is obviously a continuum, not a binary, but the simplification is useful as it ... manifests more readily ;-)

Merton seems to mostly look at this in terms of social function w/in sociology, and I'm still researching, but ... the ideas are widely applicable.

2/

Generally, responses, understanding, acknowledgement, etc., of _manifest_ phenomena are far stronger than of latent ones.

And since _risk_ are latent in so many regards, all of Merton's analysis applies:

1. Risks aren't directly percieved. They are apparent only with time and experience.
2. They often require statistical / probabalistic analysis.
3. Or technical understanding and risk-path, causal, or fault-tracing of a complex system.

Again: none of which are apparent.

3/

What I'm finding useful is how this ties in several notions I've been toying with for a few years. Some of these are leaps, though there's background.

1. Within the economy, what's called the "FIRE" sector -- finance, insurance, and real estate -- can be thought of as principally concerning _risk_, specifically valuation or exposure risk, which seems to be _the_ (or at least _a_) common thread of the coponents.

2. Risk is a major component of technology: technical debt -> risk.

4/

3. Tied to #1, I first became aware of FIRE when it was presented as an advertising category of Google's online ad sectors. The RISK sector spends and incredible amount on advertising. That ... could ... relate in part to the difficulty in conveying complex information.

4. Risk clearly ties to another key #Merton concept: #UnintendedConsequences Those are, by definition, non-manifest properties or phenomena, often occuring or become apparent with time, and also hard to express.

5/

5. Risk and unintended consequences also tie the notions of #IndustrySectors (SIC / NAICS, etc.), and my #TechOntology, further together. That is, the ontology suggests much of the high-level industrial classification, with FIRE corresponding to information, management, and control, with their bearing on risk.

#HygieneFactors are the 9th category I'd identified (the last, as it happens -- the least obvious), a/k/a, least manifest, most latent), and concern emergent risks and mitigation.

6/

I'm not going to say that this is all completely tied together, but it's fitting pretty nicely, and the notion of risk being a latent phenomenon itself seems key.

I'm still fairly new to Merton, and am now wondering to what extent he or those following in his footsteps have pursued or developed similar ideas.

Because this seems ... fairly novel to me, though how much of that is ignorance I'm not sure.

7/

If any of this sounds familiar, particularly to anyone in #sociology or #economics , and you can think of relevant references I might care to look at, I'd appreciate it.

Boosts / broader distribution appreciated.

I'm searching through lit, but don't even know what keywords or terms I might want to use here.

RKM has passed, though his son, Robert C. Merton, might be able to help (he's a Nobel laureate economist himself).

8/end/