Level of Education
Master's Graduate
Abstract
Bentham and Mill proposed the utilitarian theory, which has moral and economic applications. Bentham and Mill differed slightly in their ideologies, as Mill critiqued Bentham and argued that man is in a separate category from beasts. To assess this, one must study human nature and if man really is different from the beasts. To this end, utilitarianism will be discussed, but also Aristotle’s discussion on virtue, the magnanimous man, and generosity. The next critical area to discuss is what differentiates humans from beasts, and if humans are distinct. Several characteristics that differentiate men from beasts include mental, psychological, moral, and spiritual capacities. Upon examining Mill’s ideology on capitalism and socialism, compared to the discussion on human nature and American economics today, one sees the misapplication of utilitarianism and the cost of pursuing individual happiness. Given the shift of utilitarianism away from the normative towards the positive, the theory ultimately fails economically as individuals are encouraged to seek their own self-interest and happiness, over that of society. The utilitarianism proposed by Mill and Bentham has moral and economic implications, but has shifted towards the fulfillment of personal happiness, leading to its economic downfall.
Recommended Citation
Opp, Adam
(2024)
"The Cost of Happiness: The Implications of Utilitarianism on Economics,"
Liberty University Journal of Statesmanship & Public Policy: Vol. 5:
Iss.
1, Article 3.
Available at:
https://digitalcommons.liberty.edu/jspp/vol5/iss1/3
Included in
American Politics Commons, Ancient Philosophy Commons, Applied Ethics Commons, Ethics and Political Philosophy Commons, Political Economy Commons, Political Theory Commons