This essay analyses several questions in relation to the definition, interpretation and value of literary works, and it proposes to understand literature inside the institution that rules the kind of attitude, attention and evaluation that seem appropriate to it. Through that analysis, a broad account of literary value, as aesthetic value, will emerge in order to cope with the moral and cognitive dimension of literature, without giving up possible instrumental benefits along those lines. On the other hand, the nature of interpretation and its consequences for literary criticism will also be addressed, as well as the articulation between interpretation and artistic appreciation.