Chapter 8 : JEREMY BENTHAM (1748-1832)

JEREMY BENTHAM (1748-1832)

Background and Key Contributions

• Jeremy Bentham (1748-1832) was the son of an English lawyer. He studied law but never practised it.
• He was not primarily an economist, but significantly influenced the development of economic thought.
• Haney (Year not provided) summarizes his role: "Bentham's chief contributions to Economics lie in what he added to the philosophical, ethical, and psychological basis for the science. He was essentially a social philosopher, and was more interested in government and law than in economics."
• He was the leader of the utilitarian school and the author of the concept of utilitarianism.
• Just as Ricardo is associated with the theory of rent, Bentham is associated with the principle of utility.
• He was the central figure of a group known as the Philosophical Radicals.
• Key Publications:
• "Defence of Usury" (1787): Appeared a decade after Adam Smith's "Wealth of Nations" and preceded Ricardo.
• "An Introduction to the principles of Morals and Legislation" (1789): Had a wide influence on thought and legislative practice in England and on the continent.

Key Terms

📌 Exam Tidbits

• Haney's Assessment: "Bentham's chief contributions to Economics lie in what he added to the philosophical, ethical, and psychological basis for the science."
• Ricardo vs Bentham: Ricardo = Theory of Rent; Bentham = Principle of Utility.
• Publication Timeline: "Defence of Usury" (1787) was published between Adam Smith's "Wealth of Nations" and Ricardo's works.

Hedonistic Psychology

• Bentham's thought is fundamentally based on hedonistic psychology.
• Rational Hedonism: Bentham thought that individual actions are motivated by a desire for pleasure and a dislike of pain → actions are governed by a calculated balancing of pleasures and pains.
• Happiness: Defined as the surplus of pleasure over pain. All men desire it.
• Pleasure and pain are the main springs of human action.