Edited by Luigino Bruni and Stefano Zamagni
Chapter 29: Regard
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).
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