The Economy of Esteem is a book by Geoffrey Brennan

Geoffrey Brennan

Geoffrey Brennan is an Australian philosopher. He is currently a professor of philosophy at the University of North Carolina at Chapel Hill and a professor of political science at Duke University...

 and Philip Pettit

Philip Pettit

Philip Noel Pettit is an Irish philosopher and political theorist. He is Laurence Rockefeller University Professor of Politics and Human Values at Princeton University...

 describing the role of self-esteem

Self-esteem

Self-esteem is a term in psychology to reflect a person's overall evaluation or appraisal of his or her own worth. Self-esteem encompasses beliefs and emotions such as triumph, despair, pride and shame: some would distinguish how 'the self-concept is what we think about the self; self-esteem, the...

 and honour

Honour

Honour or honor is an abstract concept entailing a perceived quality of worthiness and respectability that affects both the social standing and the self-evaluation of an individual or corporate body such as a family, school, regiment or nation...

 in the economy

Economy

An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...

. It was published in 2005 by Oxford University Press

Oxford University Press

Oxford University Press is the largest university press in the world. It is a department of the University of Oxford and is governed by a group of 15 academics appointed by the Vice-Chancellor known as the Delegates of the Press. They are headed by the Secretary to the Delegates, who serves as...

.

According to Brennan, others who have historically paid attention to the role of esteem in motivation

Motivation

Motivation is the driving force by which humans achieve their goals. Motivation is said to be intrinsic or extrinsic. The term is generally used for humans but it can also be used to describe the causes for animal behavior as well. This article refers to human 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
  Autarky
  Autarky is the quality of being self-sufficient. Usually the term is applied to political states or their economic policies. Autarky exists whenever an entity can survive or continue its activities without external assistance. Autarky is not necessarily economic. For example, a military autarky...
  
  "
• esteem is subject to the paradox of hedonism
  Paradox of hedonism
  The paradox of hedonism, also called the pleasure paradox, is the idea in the study of ethics which points out that pleasure and happiness are strange phenomena that do not obey normal principles....