Entries tagged with "Garrett Hardin"

Jeremy Bentham (1748-1832) introduced the world to the concept of utilitarianism. Utilitarian economists and philosophers measure the value of acts with reference to the net ‘good’ or ‘happiness’ that said acts create in the world. ‘Good’ or ‘happiness’ is often measured using monetary units as a metric, but while such units of measurement are convenient, their use is not essential to a utilitarian analysis. In measuring the value of a private property right, a utilitarian would compare the aggregate increase in ‘good’ to society resulting from the grant of that right with the aggregate ‘good’ which would result from the denial or revocation of that right. If the increase in good resulting from the grant is larger the good resulting from its denial or revocation, the property right would be justified from a utilitarian perspective…