Discussion Post: HISTORY-ECONOMIC THOUGHT
A. Describe Bentham's concept of utility. What did he use it for? What point was he tyrying to make?
B. What was the problem with Jevon's notion of utility that nearly caused his theory to me rejected by the scientific community?
C. 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".
a. Name some elements of Bentham's utility that maximize pleasure but not wellbeing
b. Name some options that Sen mentions that maximize wellbeing but not pleasure
c. Why might one choose an option that maximizes neither wellbeing or pleasure.
D. 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 response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.