Jeremy Bentham
Jeremy Bentham
Jeremy Bentham
• Defence of Usury
- he rejected Adam Smith’s defence of a legal
maximum for interest rates
• The Book of Fallacies
- manual of political logic
ECONOMICS
DUTY OF LEGISLATION
1. Consequentialism
- it means morality is concerned with the effects of
actions on the happiness of individual
2. Maximization of Happiness
- it means greatest happiness in greatest number
Nature has placed mankind under the
governance of two sovereign masters—
pain (bad) and pleasure (good)