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The government agent stands to benefit from support from the party seeking influence, while that party seeks to benefit by implementing public policy that benefits them. This essentially results in the capture and reallocation of benefits, wasting the benefit and any resources used from being put to productive use in society.
Benthamism, the utilitarian philosophy founded by Jeremy Bentham, was substantially modified by his successor John Stuart Mill, who popularized the term utilitarianism. [3] In 1861, Mill acknowledged in a footnote that, though Bentham believed "himself to be the first person who brought the word 'utilitarian' into use, he did not invent it.
In social choice and operations research, the utilitarian rule (also called the max-sum rule) is a rule saying that, among all possible alternatives, society should pick the alternative which maximizes the sum of the utilities of all individuals in society.
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]
The max-min welfare function can be seen as reflecting an extreme form of uncertainty aversion on the part of society as a whole, since it is concerned only with the worst conditions that a member of society could face. Amartya Sen proposed a welfare function in 1973: = ¯ ()
A hypothetical Christian form of government in which society is ruled by divine law. [60] Theonomists hold that divine law, particularly the judicial laws of the Old Testament, should be observed by modern societies. [61] The chief architects of the movement are Gary North, Greg Bahnsen, and R.J. Rushdoony. [62] Magocracy
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
Examples of this use of multistakeholder groups by governments include opting to follow the advice of expert-based multistakeholder groups rather than establish separate expert government-based organizations, [57] welcoming efforts to have multistakeholder standards set by TNCs and civil society to avoid conflicts with home-country TNCs and ...