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Utilitarian Approach To An Economy

Topic: Economics

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1 Introduction Utilitarianism is a major position in normative ethics stemming from the late 18th and 19th century philosophers Jeremy Bentham and John Stuart Mill. Contrary to the deontological approach to ethics that perceives morality as a duty or a moral rule that has to be followed, utilitarianism is a form of teleological ethics focussing on the consequences of actions meaning that the moral value of an action is solely determined by its outcome. Thus an action is considered right if it tends to produce happiness and wrong if it leads to the reverse effects of happiness, not only to the executer of the action but also to everyone else that is – either directly or indirectly – affected by the action. The influence of utilitarianism on other areas besides philosophy, such as law, politics and economy, over the last centuries has become clearly notable, whereas this paper focuses - besides a detailed description of the classical utilitarianism itself - explicitly on its i...

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