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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]
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 .
Henry Sidgwick (/ ˈ s ɪ dʒ w ɪ k /; 31 May 1838 – 28 August 1900) was a British utilitarian philosopher and economist and is best known in philosophy for his utilitarian treatise The Methods of Ethics. His work in economics has also had a lasting influence. [1]
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 ]
It is currently kept on public display at the main entrance of the UCL Student Centre. It was previously displayed at the end of the South Cloisters in the main building of the college until it was moved in 2020. Upon the retirement of Sir Malcolm Grant as provost of the college in 2013, however, the body was present at Grant's final council ...
In practice, a consumer may not always pick an optimal bundle. For example, it may require too much thought or too much time. Bounded rationality is a theory that explains this behaviour. Examples of alternatives to utility maximisation due to bounded rationality are; satisficing, elimination by aspects and the mental accounting heuristic.
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.