An edition of Respect (2007)

Respect

Respect
Alan Manning, Alan Manning
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Last edited by MARC Bot
December 19, 2020 | History
An edition of Respect (2007)

Respect

Becker (1974) introduced to modern economics the idea that others care about what others think about them and derived many useful insights from this assumption. But he did not provide a very complete description of the general equilibrium of an economy in which people both demand respect from and supply respect to others. This paper analyzes the equilibrium price of respect, showing how it depends on the distribution of material endowments and discussing whether we would expect that, as society gets richer, the market for respect becomes more or less important. It explains why a demand for respect is a human universal in terms of Becker's observation that this helps to provide insurance where markets are absent. Although the demand for respect is universal, the activities that command respect have enormous cultural diversity--the paper explains how there can be many Nash equilibria if respect is withheld from those who violate prescribed behaviour. Finally the paper discusses where, in a modern economy, respect is demanded and supplied arguing it is primarily bundled up with other goods and services because of the nature of the costs of supplying it.

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Edition Availability
Cover of: Respect
Respect
2007, Centre for Economic Performance, London School of Economics and Political Science
electronic resource / in English

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Book Details


Edition Notes

Title from publisher's abstract page (viewed on July 6, 2007).

"May 2007."

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.

Published in
London
Series
CEP discussion paper -- no. 793

Classifications

Library of Congress
HC10

The Physical Object

Format
[electronic resource] /

ID Numbers

Open Library
OL31800849M
LCCN
2007618494

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December 19, 2020 Created by MARC Bot Imported from Library of Congress MARC record