Welfare and efficiency W2 P1 - utility

Utilitarianism

Bentham, greatest happiness of the greatest number, measure of rigth and wrong, justifies human rights as they maximise happiness, could sacrifise few for the many - minorities, should endorse democracy

The median voter theorem

two-party legislature, parties maximise chance of winning a majority election by appealing to the median voter, median dictate policy is dissatisfaction minimising - Bentham

Decreasing marginal utility

quanity of happiness produced by a particle of wealth is marginally decreasing, should redistribute wealth as poor would beenfit more

Interpersonal comparison of utilities

Expected utility theory - intensity of an individuals preferences in relation to their other preferences, cannot compare between individuals

Conclusion

cannot add utility in a theoretically satasfactory way - economists pivot from appealing to utility to focusing on welfare

Singer

if it is within our power to prevent something bad from happening without sacrificing anythig of comparable importance, we morally ought to do so - implies considerable amount of wealth should be donated to charity