Utilitarianism
The concept of utilitarianism is not new to us. There are even times that we actually practice utilitarianism without consciously knowing it. Believing in fairness to give everybody a chance to attain happiness is a common basis on how individuals weigh their options. Utilitarianism stems from the concept that everybody tends to make a choice for the greater good and happiness of all and does not only base decisions for the good of one. This is a very practical economic theory especially when resources are scarce and demand is more. Although it has its critics, utilitarianism continues to be beneficial in today’s modern world.
Esthetic Utilitarianism