HISTORY-ECONOMIC THOUGHT 125 (001) (Fall 2020)

QUESTION 1

Describe Bentham’s concept of utility.  What did he use it for? What point was he tyrying to make?

QUESTION 2

1. What was the problem with Jevon’s notion of utility that nearly caused his theory to me rejected by the scientific community?

QUESTION 3

• In modern economics we regard “maximization of utility” as the same as Smith’s “pursuit of self-interest”. To “maximize” utility we make economic choices.  While “utility” itself is taken to mean both “personal wellbeing” and “satisfaction of want”.
   
  • Name some elements of Bentham’s utility that maximize pleasure but not wellbeing
  • Name some options that Sen mentions that maximize wellbeing but not pleasure
  • Why might one choose an option that maximizes neither wellbeing or pleasure.

QUESTION 4

1. From the Garden of Eden story, was Adam’s (or Eve’s) choice to eat the forbidden fruit utility maximizing?  Why or why not?

 The Marginal Revolution: McLaren on Bentham (posted on BB / ilearn) McLaren on the Marginal Revolution (Posted on BB / ilearn) Ingrao and Israel on Walras (Posted on BB / ilearn)