Question

In: Economics

2. what is utilitarianism? what does utilitarianism imply for cost benefit analysis of environmental issues? what...

2. what is utilitarianism? what does utilitarianism imply for cost benefit analysis of environmental issues? what can be some of the limits of using this approach? what is the practical advantage of a teleological ethics system such as utilitarianism over a deontological ethics system.

Solutions

Expert Solution

Answer 2- Utilitarian approach is a theory where a certain plan is implemented only after considering it’s future outcome and the result of such implementation that would affect certain number of people/things. This approach focusses on producing the greatest good the number of people and also producing the least harm to the rest of the people affected. Thus, this theory focuses on producing the maximum benefit.

• Cost benefit analysis is widely used when decisions are to be made as it helps to foresee the impact of such decision and helps to produce the greatest good. Utilitarian generally focusses on things to be quantitative rather than being qualitative and hence it helps to analyse the results better and take corrective action. Also it helps in better cost benefit analysis. Although there are many tools to help identify environmental issues and utilitarian tops the list. As there have been many policies by the government to save the environment for future generations and hence pnly such policy is implemented which is best for the humans taling every possibility into consideration like closing down of industrial units, grwoth of trees, reduction in polluting vehicles etc. Thus, being quantitative helps to solve the problems in a much better way.

There are some drawbacks as well that make people think that utilitarian approach isn’t that suitable sometimes. Some of the drawbacks are-

• This strategy or approach follows the concept of maximum benefit but it is not specifically mentioned that who gets to decide the maximum good. Different people have different preferences and thus according to tyem the maximum benefit is different. It gets difficult in deciding who is most appropriate.

• Utilitarian theory may provide favourism to some people and hence it seems to be unbiased sometimes.

• There are circumstances when some quick decision making is required and hence utilitarian theory is not suitable then as it is a long process of deciding which course of action to go for.

Unlike deontological approach which is considered normative in nature the utilitarian theory is considered to be more practical. In case of deontological theory the decisions are purely based on right and wrong and not on the besis of which they might affect the population.

One case of practical advantage of utilitarian theory over deontological theory is that it helps in the cases of economic polies and controlling environmental pollution as policies are framed first and then their consequences are estimated or pridicted and then their implimentation is done. But in such cases the approach of deontological cannot be followed as they require just think in the right way and not how it will affect the population at large.


Related Solutions

11. If “correlation does not imply causation,” what does it imply? 12. What are some of...
11. If “correlation does not imply causation,” what does it imply? 12. What are some of the possible reasons for large correlations between a pair of variables, X and Y? 17.What assumptions are required for a correlation to be a valid description of the relation between X and Y?
What is cost-benefit analysis? How would you apply cost-benefit analysis to your decision to go to...
What is cost-benefit analysis? How would you apply cost-benefit analysis to your decision to go to college? What are the benefits and what are the costs of going to college? b. What happens to your analysis if the interest rate rises? What happens if the payoff period shrinks? Who is more likely to find college economically worthwhile: you for your 63-year-old professor? c. How would you apply cost-benefit analysis to environmental policy? What are the costs of pollution? What are...
how does cost benefit analysis differ from cost effectiveness analysis? why has cost effectiveness analysis become...
how does cost benefit analysis differ from cost effectiveness analysis? why has cost effectiveness analysis become the method of choice in health economists around the world
Explain the contributions of benefit/cost analysis, environmental assessment, and risk assessment to administrative decision-making.
Explain the contributions of benefit/cost analysis, environmental assessment, and risk assessment to administrative decision-making.
Acccording to Heinzerling and Ackerman, how might cost-benefit analysis be used to justify a neocolonial environmental...
Acccording to Heinzerling and Ackerman, how might cost-benefit analysis be used to justify a neocolonial environmental ethics (e.g., by extracting benefit and exporting costs?)
What is Cost-Benefit Analysis? Why is it hard to do?
What is Cost-Benefit Analysis? Why is it hard to do?
Provide an argument against using cost-benefit analysis as the only way of making social decisions Environmental...
Provide an argument against using cost-benefit analysis as the only way of making social decisions Environmental and natural resource economics
• Do a cost-benefit analysis of the selected healthcare organization. Explain your analysis of the cost-benefit...
• Do a cost-benefit analysis of the selected healthcare organization. Explain your analysis of the cost-benefit ratio and how it helps an organization. • Explain the impact of the cost-benefit ratio on recruitment and retention strategies of a healthcare organization. • Outline ways to improve the cost-benefit ratio of the selected healthcare organization. • Explain the role of HRM in ensuring the most competitive compensation package for employees. • Describe methods of improving the compensation package of the selected healthcare...
Advanced Engineering Economy 1. What is benefit-cost analysis?
Advanced Engineering Economy 1. What is benefit-cost analysis?
Discuss the challenges associated with the cost and benefit estimation methods in a cost-benefit analysis of...
Discuss the challenges associated with the cost and benefit estimation methods in a cost-benefit analysis of pollution abatement. 5 MARKS
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT