Utilitarianism
- Created by: Ffi_17
- Created on: 09-04-18 11:36
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- Utilitarianism
- Bentham accepted the concept of economic freedom associated with free market economy.
- Like Adam Smith he say individualism as the key to economic growth.
- Bentham thought that the state should not intervene with the economy apart from freeing it from its restrictive regulations.
- Bentham believed that public and private wealth would expand rapidly when the individual was left to pursue what they perceived as their own best interests.
- Bentham knew however that the Government would have to intervene on several occasions:
- The state needed to provided security for citizens.
- Without protection for individuals and property, individuals would not be able to be free to follow their own interests.
- Individuals would have to be protected against accidents or epidemics by a good public health and safety regulations.
- The need for subsistence.
- state intervention to be subject to principle of utility.
- Governments would intervene to promote the 'greatest happiness of the greatest number'.
- Bentham accepted the concept of economic freedom associated with free market economy.
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