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The felicific calculus is an algorithm formulated by utilitarian philosopher Jeremy Bentham (1748–1832) for calculating the degree or amount of pleasure that a specific action is likely to induce. Bentham, an ethical hedonist , believed the moral rightness or wrongness of an action to be a function of the amount of pleasure or pain that it ...
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The word utility is used to mean general well-being or happiness, and Mill's view is that utility is the consequence of a good action. Utility, within the context of utilitarianism, refers to people performing actions for social utility. By social utility, he means the well-being of many people.
Bang for buck is a concept in utility maximization which refers to the consumer's desire to get the best value for their money. If Walras's law has been satisfied, the optimal solution of the consumer lies at the point where the budget line and optimal indifference curve intersect, this is called the tangency condition. [3]
Mill considered Bentham's view "to have done and to be doing very serious evil." [91] In Mill's hands, "Benthamism" became a major element in the liberal conception of state policy objectives. Bentham's critics have claimed that he undermined the foundation of a free society by rejecting natural rights. [92]
The Introduction also contains Bentham's famous discussion of the "felicific (or hedonic) calculus"—his proposed method for determining which future course of action would produce the greatest net amount of pleasure over pain. According to Bentham, seven factors should be considered in weighing the value of a pleasure or pain: its intensity ...
Act utilitarianism is based on the principle of utility, which is the basis of all utilitarian theories and is best summed up in Bentham's well-known phrase, "the greatest happiness for the greatest number".
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