Jeremy Bentham and Utilitarianism
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Questions and Answers

What was John Stuart Mill's view on shorter workdays?

  • He argued that shorter workdays would increase profits for capitalists.
  • He advocated for longer workdays to improve efficiency.
  • He supported shorter workdays as beneficial.
  • He believed profits were primarily made in the final hour of work. (correct)

    • John Stuart Mill was a proponent of gender equality and supported women's rights.

    True

    What did Mill address in his work regarding worker rights?

    Income inequality and support for worker cooperatives and profit-sharing arrangements.

    Mill's major work published in 1848 is titled __________.

    <p>Principles of Political Economy</p> Signup and view all the answers

    Match the following aspects of Mill's economic theory to their descriptions:

    <p>Production = Wealth creation through labor, capital, and resources Role of Labor = Primary source of wealth Division of Labor = Increases productivity through specialization Capital = Accumulation through savings</p> Signup and view all the answers

    What is the primary focus of Jeremy Bentham's philosophy?

    <p>Promoting societal happiness</p> Signup and view all the answers

    According to Bentham, the government should serve the interests of the people.

    <p>True</p> Signup and view all the answers

    What does the principle of utility evaluate when determining the goodness of an action?

    <p>Its impact on the happiness of the affected people</p> Signup and view all the answers

    The ability of something to produce happiness or prevent pain is known as ______.

    <p>utility</p> Signup and view all the answers

    Match the following terms with their definitions:

    <p>Utilitarianism = Philosophy aiming for the greatest happiness for the greatest number Hedonism = Pursuit of pleasure and avoidance of pain Diminishing Marginal Utility = Decrease in added happiness from increasing wealth Principle of Utility = Judging actions based on their happiness impact</p> Signup and view all the answers

    Which of the following best reflects Bentham's perspective on government intervention?

    <p>Government intervention is justified when special reasons exist.</p> Signup and view all the answers

    Bentham's approach completely supported the idea of laissez-faire economics.

    <p>False</p> Signup and view all the answers

    What major work did Jean-Baptiste Say publish in 1803?

    <p>A Treatise on Political Economy</p> Signup and view all the answers

    Jean-Baptiste Say supported a laissez-faire economic policy.

    <p>True</p> Signup and view all the answers

    What did Say replace in the classical school's labor theory of value?

    <p>Supply and demand</p> Signup and view all the answers

    Say recognized __________ as a fourth factor of production.

    <p>entrepreneurship</p> Signup and view all the answers

    Match the following concepts to their descriptions:

    <p>Say's Law of Markets = General overproduction is impossible Monopoly = Experiences efficiency losses Value Theory = Focus on supply and demand Entrepreneurship = Fourth factor of production</p> Signup and view all the answers

    Which economist's ideas were popularized by Jean-Baptiste Say?

    <p>Adam Smith</p> Signup and view all the answers

    Say's approach to supply and demand was more precise than that of Alfred Marshall.

    <p>False</p> Signup and view all the answers

    What is the relationship between production and purchasing power according to Say?

    <p>Directly tied</p> Signup and view all the answers

    Jean-Baptiste Say emphasized that monopolists incur __________ losses.

    <p>efficiency</p> Signup and view all the answers

    Who was the original creator of the concept of the entrepreneur?

    <p>Richard Cantillon</p> Signup and view all the answers

    What principle states that supply may create its own demand in the long run?

    <p>Supply Creates Demand</p> Signup and view all the answers

    Nassau William Senior believed economists should advocate for public policies.

    <p>False</p> Signup and view all the answers

    Who was Nassau William Senior?

    <p>An economist and the first professor of political economy at Oxford.</p> Signup and view all the answers

    Senior's approach that focuses on examining economic phenomena is known as __________ economics.

    <p>positive</p> Signup and view all the answers

    In market-based economies, what might happen in the short run even if production costs are covered?

    <p>Demand may not match supply.</p> Signup and view all the answers

    Match the following economic concepts with their descriptions:

    <p>Positive Economics = Focuses on understanding economic phenomena Normative Economics = Concerned with what ought to be Supply-Demand Theory = Explains how supply creates demand in the long run Production and Distribution = Study of wealth movement in an economy</p> Signup and view all the answers

    As an economy expands, it decreases payments to workers.

    <p>False</p> Signup and view all the answers

    What is the main focus of normative economics?

    <p>What ought to be.</p> Signup and view all the answers

    Nassau Senior believed the role of the economist is to communicate __________ ideas.

    <p>fundamental</p> Signup and view all the answers

    Which of the following best describes Nassau Senior's contribution to economic thought?

    <p>He favored a neoclassical approach.</p> Signup and view all the answers

    What does the Principle of Income or Utility Maximization state?

    <p>People aim to increase their wealth with minimal sacrifices.</p> Signup and view all the answers

    According to Senior, capital accumulation does not rely on reinvesting products.

    <p>False</p> Signup and view all the answers

    What term did Nassau Senior introduce to describe the decision not to consume resources immediately?

    <p>Abstinence</p> Signup and view all the answers

    The __________ principle states that adding more labor to a fixed amount of land will result in diminishing returns.

    <p>Principle of Diminishing Returns</p> Signup and view all the answers

    Match the following principles to their descriptions:

    <p>Principle of Income Maximization = People aim to increase wealth with minimal sacrifices. Principle of Population = Population is limited by moral or physical issues. Principle of Capital Accumulation = Reinvesting products leads to increased production possibilities. Principle of Diminishing Returns = More labor results in less proportional output gain.</p> Signup and view all the answers

    How does demand change according to the principle of diminishing marginal utility?

    <p>Satisfaction decreases as more units are consumed.</p> Signup and view all the answers

    Alfred Marshall preferred the term 'waiting' over 'abstinence' because it connotes hardship associated with wealth acquisition.

    <p>False</p> Signup and view all the answers

    What is the mathematical expression relating savings to interest rates?

    <p>S = f(i)</p> Signup and view all the answers

    Investment spending declines when the __________ of investing rises.

    <p>opportunity cost</p> Signup and view all the answers

    Which of the following best describes the role of abstinence in economics according to Senior?

    <p>Abstinence is essential for effective wealth generation.</p> Signup and view all the answers

    Study Notes

    Jeremy Bentham (1748-1832)

    • Born February 15, 1748, in London, England
    • Educated at Oxford at age 12, earning a bachelor's degree at 15
    • Studied law at Lincoln's Inn
    • Founder of modern utilitarianism
    • Advocated for the "principle of greatest happiness of the greatest number"

    Utilitarianism

    • The principle of greatest happiness
    • Hedonism: People seek pleasure and avoid pain; maximize total pleasure
    • Utilitarianism extends hedonism by aiming for greatest happiness for most people
    • Balances highly individualistic focus with importance of societal well-being

    Utility

    • Ability of something to produce benefit, advantage, pleasure, good, or happiness
    • Or to prevent mischief, pain, evil, or unhappiness

    Principle of Utility

    • Human actions are governed by pleasure and pain
    • Judged as good or bad based on likelihood to increase happiness of those affected
    • Promotes actions increasing overall community happiness

    Implications of Bentham's Ideas

    • Legislators should aim to increase community happiness, prioritize popular needs
    • Government intervention is justified in situations requiring it
    • Money is a measure of pleasure/pain

    Criticisms of Utilitarianism

    • Assessments of pleasure/pain are subjective, varying among individuals
    • Interpersonal utility comparisons are needed but difficult to measure precisely
    • Money was used as a measure of unit of utility by Bentham
    • Challenged as a complete philosophy for human behavior, claiming that other factors exist beyond the pursuit of pleasure and avoidance of pain.

    Jean-Baptiste Say (1767–1832)

    • French economist who popularized Adam Smith's ideas in Europe
    • Published "Treatise on Political Economy" in 1803
    • Professor of political economy later in his career
    • Criticized the labor theory of value, emphasizing supply and demand
    • Contributed to understanding costs of monopoly
    • His analysis was more advanced than Ricardo's approach to supply/demand

    Nassau William Senior (1790–1864)

    • Eldest son of a clergyman
    • Oxford's first professor of political economy
    • Economic studies emphasized production/distribution of wealth.
    • Divided economic analysis into 4 categories (income/utility maximization, population, capital accumulation, diminishing returns)
    • Separated positive economics from value judgements

    John Stuart Mill (1806-1873)

    • Early intellectual prodigy, educated by his father
    • Concerned about income inequality and supported worker cooperatives, profit sharing
    • Advocated for gender equality
    • Published "Principles of Political Economy" in 1848

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    Description

    Explore the life and ideas of Jeremy Bentham, the founder of modern utilitarianism. This quiz covers his principles, the concept of utility, and the implications of his philosophy. Test your understanding of how Bentham's thoughts on happiness and societal well-being have shaped ethical discussions.

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