1. 1. { Utilitarianism and Happiness Humanizing Economics
2. 2. Utilitarianism: greatest happiness of the greatest number Marginal utility: extra benefit as a result of one additional unit Rational choice Efficiency in the markets Key concepts in classical economics
3. 3. Economic success is usually measured only by GDP Is that metric enough to determine the proper economic policy? How can well-being be measured more accurately? Happiness
4. 4. It omits innovation and quality improvements. Difficulty in accounting for the public sector. Omission of household production. Does not take into consideration the environmental impact. Criticism of GDP
5. 5. The objective for our society should not be to become richer and richer. Wealth is related to happiness only up to a point - and where the two diverge, we should not forget that the promised happiness was the only reason we attempted to become richer in the first place. Our basic purpose
6. 6. Happiness Economics
7. 7. growing economies are essential if were to realize other values, such as tolerance, democracy, social mobility and fairness. In the end,
8. 8. Which factors should be measured in an economic growth development index? Should the focus be on maximizing happiness, instead of just GDP? Conspicuous consumption Topics for discussion
9. 9. The problem is identifying the right level of habituation that a policy of enforced worklife balance for each of us should aim for. It doesnt feel like an appropriate issue for the government. Topics for discussion