RESPECT, ADMIRATION, AGGRANDIZEMENT - SMITH,ADAM AS ECONOMIC PSYCHOLOGIST

The paper employs Adam Smith's Theory of Moral Sentiments to illuminat e the difference between respect and admiration, and to differentiate between their distorted forms, viz., pomposity and vanity (aggrandizem ent). As corroborated by the importance of sunk-costs, the analysis sh ows that respect and admiration are not ordinary tastes. They are rath er by-product feelings afforded by the context of pursuing ordinary ta stes. The evaluation of one's 'performance' in light of one's estimate d ability originates the feeling of respect (or its opposite, embarras sment). The evaluation of one's 'ability' in comparison to the abiliti es of others determines the degree of admiration. The expression of re spect on the basis of inter-individual comparison of abilities is behi nd pomposity. The expression of admiration on the basis of inter-indiv idual comparison of possessions is behind vanity.