Self‐esteem is traditionally regarded as an important human good. But it has suffered a number of injuries to its good name. Critics allege that endeavours to promote self‐esteem merely foster narcissism or entitlement, and urge that we redirect our efforts elsewhere. I argue that such criticisms are symptomatic of a normative decline in how we think and theorize about self‐esteem rather than a defect in the construct itself. After exposing the shortcomings of alternative proposals, I develop an account of self‐esteem (...) that reflects what its supporters have in mind: a valuable form of self‐appraisal worth fostering in others and ourselves. (shrink)