The Economy of Esteem is a book by Geoffrey Brennan and Philip Pettit describing the role of self-esteem and honour in the economy. It was published in 2005 by Oxford University Press.
According to Brennan, others who have historically paid attention to the role of esteem in motivation include: "from Cicero and Polybius through Thomas Aquinas to Hobbes, Locke, Montesquieu, Hume, the American Founding Fathers, Kant, and notably Adam Smith" Though Brennan argues that modern 'invisible hand' economics neglects the importance of esteem.
Evidence:
"the behavior of suicide bombers in terrorist cadres; or the enthusiasm with which soldiers volunteer in situations of imminent warfare; or the stability of apparently perverse norms, like the caste system in India. What of the intense training, commitment and effort expended by athletes – even amateur athletes?"
What is unique about esteem among currencies
- esteem can't be traded- "esteem is necessarily produced under conditions of autarky"
- esteem is subject to the paradox of hedonism
Famous quotes containing the words economy and/or esteem:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“I esteem it the happiness of this country that its settlers, whilst they were exploring their granted and natural rights and determining the power of the magistrate, were united by personal affection. Members of a church before whose searching covenant all rank was abolished, they stood in awe of each other, as religious men.”
—Ralph Waldo Emerson (1803–1882)