In: Finance
What is utilitarianism? What are the advantages and disadvantages of using utilitarianism to determine the public's interest?
Utilitarianism is the concept that throws a light over morality, according to it the actions that results in happiness or pleasure are right and the actions that results in sadness , sorrowful and harm are not right. It focusses majorly on consequences rather than intention.
Advantages :
1. Care of most : This concept takes care of most of the population as it works over the concept the more no. of people benefitted by a certain policy/decision/action then it is right. Thus, it will cover most of the people's interest and determines public interest.
2. Works over results: It works over results and focus on consequence that is faced by the public. if it results in happiness, its right. Its approach is nice and focusses on ground results and feedback ( in form of happiness by previous experiences and knowledge).
3. Calculative and data sufficient : It needs data in order to calculate the people happy through a decision/ action/policy ,this is thus counted and calculated by what no. of people happy and what no. of people sad.
4. Clarity of decision: It supports non-diplomacy and is in form of black and white no colours of grey are their in this concept. It means that if majority are happy then its right and if majority is unhappy its wrong.
Disadvantages:
1. Certainty of actions : The outcomes of the actions are not certain to be favourable as the outcomes will happen in future and its just a prediction. the outcome is not certain to occur.
2. Rigidity of its concept : As clarity of decision exists , it has no place for grey as everything is clear in form of black and white concepts, This does not does justice with ssome areas that might be wrong but majoriity supports it and here, this concept fails.Thus, it is rigid and not flexible according to situation.
3. Accounting values for Justice and individual rights : It fails where their is need to account values of justice and individual rights. For Example: If 4 persons are saying that a person is wrong and blaming him due to thier personal interest and then the right person is blamed as a culprit as it results in happiness of majority ( rest 3).
4. Partial to the majority: This concept strictly favours the majority and neglects the minority. It just keeps the interests of those who have bigger population and neglects the interests of those who are less in number.