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An article in the American Economic Journal has addressed the issue of Utilitarian ethics within redistribution of wealth. The journal stated that taxation of the wealthy is the best way to make use of the disposable income they receive. This says that the money creates utility for the most people by funding government services. [150]
But Bentham spent some sixteen years of his life developing and refining his ideas for the building and hoped that the government would adopt the plan for a National Penitentiary appointing him as contractor-governor. Although the prison was never built, the concept had an important influence on later generations of thinkers.
Act utilitarianism is a utilitarian theory of ethics that states that a person's act is morally right if and only if it produces the best possible results in that specific situation. Classical utilitarians, including Jeremy Bentham , John Stuart Mill , and Henry Sidgwick , define happiness as pleasure and the absence of pain.
Utilitarianism is a consequentialist ethical theory, meaning that it holds that acts are justified insofar as they produce a desirable outcome. The overarching goal of utilitarianism—the ideal consequence—is to achieve the "greatest good for the greatest number as the result of human action". [82]
This is an incomplete list of advocates of utilitarianism and/or consequentialism This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by adding missing items with reliable sources .
Hume was born on 26 April 1711, as David Home, in a tenement on the north side of Edinburgh's Lawnmarket.He was the second of two sons born to Catherine Home (née Falconer), daughter of Sir David Falconer of Newton, Midlothian and his wife Mary Falconer (née Norvell), [14] and Joseph Home of Chirnside in the County of Berwick, an advocate of Ninewells.
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 ]
Utilitarianism is an 1861 essay written by English philosopher and economist John Stuart Mill, considered to be a classic exposition and defense of utilitarianism in ethics. It was originally published as a series of three separate articles in Fraser's Magazine in 1861 before it was collected and reprinted as a single work in 1863. [ 1 ]