The capabilities approach was developed partly in response to the problem of adaptive preferences, which is considered by many to be a fatal flaw in utilitarian approaches to well-being. However, an important critique of the capabilities approach is that it is subject to an analogous problem of adaptation to deprivation: if well-being is defined as the capability to live the kind of life one has reason to value, but conceptions of value are conditioned by external circumstances or subject to adaptation, evaluations of well-being in the capability space may suffer similar distortions. This paper investigates the effects of the recent economic crisis in the UK on the kinds of lives people have reason to value. Using data from the European Social Survey and an Exploratory Structural Equation Modelling approach, it is shown that hard economic times did cause adaptation in conceptions of value, with particularly large effects among the economically vulnerable and the youngest generation. It is concluded that the definition of capability should include conceptions of value as a dimension of internal capability, and that this strategy can enhance the analytical power of the capabilities approach.
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