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In ethical philosophy, utilitarianism is a family of normative ethical theories that prescribe actions that maximize happiness and well-being for the affected individuals. [1] [2] In other words, utilitarian ideas encourage actions that lead to the greatest good for the greatest number.
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]
Average utilitarianism values the maximization of the average utility among a group's members. [6] So a group of 100 people each with 100 hedons (or "happiness points") is judged as preferable to a group of 1,000 people with 99 hedons each. More counter intuitively still, average utilitarianism evaluates the existence of a single person with ...
Profit Over People: Neoliberalism and Global Order is a 1999 book by Noam Chomsky, published by Seven Stories Press.It contains his critique of neoliberalism. [1]Chomsky argues that the doctrines and development of a pro-corporate system, consisting of economic and political policies that restrict the public arena and support private power, acts essentially as a social hierarchy which places ...
Economic ethics attempts to incorporate morality and cultural value qualities to account for the limitation of economics, which is that human decision making is not restricted to rationality. [31] This understanding of culture unites economics and ethics as a complete theory of human action. [23]
In contrast to enlightened self-interest is simple greed, or the concept of "unenlightened self-interest", in which it is argued that when most or all persons act according to their own myopic selfishness, the group suffers loss as a result of conflict, decreased efficiency and productivity because of lack of cooperation, and the increased expense each individual pays for the protection of ...
Officials at the state Department of Juvenile Justice did not respond to questions about YSI. A department spokeswoman, Meghan Speakes Collins, pointed to overall improvements the state has made in its contract monitoring process, such as conducting more interviews with randomly selected youth to get a better understanding of conditions and analyzing problematic trends such as high staff turnover.
On profit maximization, for example, firms are posited to push each line of action to the point of equating the relevant marginal revenue and marginal cost. Yet, answers of businessmen to questions about the factors affecting their decisions may show no such calculation.