Handbook on the Economics of Reciprocity and Social Enterprise
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Handbook on the Economics of Reciprocity and Social Enterprise

Edited by Luigino Bruni and Stefano Zamagni

The recent era of economic turbulence has generated a growing enthusiasm for an increase in new and original economic insights based around the concepts of reciprocity and social enterprise. This stimulating and thought-provoking Handbook not only encourages and supports this growth, but also emphasises and expands upon new topics and issues within the economics discourse.
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Chapter 29: Regard

Avner Offer


In economics it is assumed that individuals form their preferences independently of each other. In contrast, the concept of ‘regard’ implies that they form their preferences in response to each other. ‘Regard’ is the approbation of others. It takes many forms: acknowledgement, attention, acceptance, respect, reputation, status, power, intimacy, love, friendship, kinship, sociability (Offer, 1997). The idea goes back to Adam Smith, where it motivates his first book, The Theory of Moral Sentiments (1976[1759]).

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