How do societies organize and make decisions about the production of goods and services?

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fomenos3 years ago

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Think about what a complex system a modern economy is. It includes all production of goods and services, all buying and selling, all employment. The economic life of every individual is interrelated, at least to a small extent, with the economic lives of thousands or even millions of other individuals. Who organizes and coordinates this system? Who insures that, for example, the number of televisions a society provides is the same as the amount it needs and wants? Who insures that the right number of employees work in the electronics industry? Who insures that televisions are produced in the best way possible? How does it all get done?

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Which principle was considered by john mill as more important than the duty to directly maximize the overall happiness of the co

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The ethical theory of John Stuart Mill (1806-1873) is most fully expressed in his classic text Utilitarianism (1861). Its goal is to justify the principle of utility as the foundation of morality. This principle states that an action is correct insofar as it tends to promote general human well-being.

The Utility or Maximum Happiness Principle states that an action is right insofar as it tends to promote happiness, and wrong insofar as it tends to produce the opposite of happiness. Happiness means lack of pleasure and pain. Through unhappiness, pain and joy deprivation.

Utility Principle – “Actions are proportionately right because they tend to promote happiness. Wrong because they tend to produce the exact opposite of happiness.” – Central to Mill's ethical philosophy

John Stuart Mill was one of the most important thinkers of the 19th century. He wrote on logic, economics, political philosophy, and religion. His work Utilitarianism offers a mindset that promises to maximize happiness for those who practice it.

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