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Jeremy Bentham: an Introduction to the Principles of Morals and Legislation

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Jeremy Bentham: An Introduction to the Principles of Morals and Legislation
Bentham endorses both a descriptive and a normative version of hedonism, the view that the human good is pleasure and absence of pain. According to the descriptive version, all human actions are performed for the sake of obtaining pleasure and avoiding pain. According to the normative version, what we ought to do is determined solely by considerations of pleasure and pain. As a development of this normative thesis, Bentham goes on to endorse the principle of utility, the claim that an action is right when it tends to add to the sum total of the pleasures of those affected, where this "sum" is conceived of as the total amount of pleasure minus the total amount of pain.
Bentham claims that the words right and wrong can have no other meaning than that laid out by the principle of utility, and that alternative moral theories usually end up invoking utilitarian considerations. Nonetheless, Bentham admits that the principle of utility cannot be directly proved, because it is the foundational principle from which ethical arguments begin. Bentham critiques the rival "principle of sympathy and antipathy" according to which an action is right if and only if one approves of it. This principle, Bentham objects, is really no principle at all, for a principle is supposed to tell us when our attitudes are justified, but the principle of sympathy and antipathy merely assumes in advance that our attitudes have such justification.
Taking the principle of utility as established, Bentham concludes with a discussion of how we are to apply it. He distinguishes four sources of pleasure and pain: physical, political, moral, and religious. He then discusses the various ways in which pleasures and pains can be quantitatively different. Determining our moral obligations requires weighing various pleasures and pains against each other, and seeking the greatest balance between them. Bentham notes that we needn't perform such calculations every time we act, but insists that we should always keep them in the back of our mind.
-Bentham claims that nature has placed mankind under two sovereign masters:

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Definitions:

Target Cash Balance

The optimal level of cash a company aims to maintain to manage daily operations and accommodate unexpected expenses or investment opportunities.

Cash Flow Uncertainty

The unpredictability regarding the amounts and timing of cash flows into or out of a business.

Marketable Securities

Short-term financial instruments that are easily convertible into cash, such as government bonds or certificates of deposit.

NPV

Net Present Value; a method used in capital budgeting to evaluate the profitability of an investment or project by calculating the difference between the present value of cash inflows and outflows.