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Salamat Travel on Such policies should include legal, moral, and social sanctions constraining any individual self-interest that might impede the greater good. This was clearly a departure from the strict LAISSEZFAIRE philosophy of Smith that was based on a natural harmony of self-interests. Moreover, Bentham devised a social arithmetic or felicific calculus to add up pleasures and subtract pains from them, and hence made an early attempt to measure social welfare. According to Bentham, the social welfare was equal to the total welfare of all individuals in the society, an approach that was both democratic and egalitarian. He used money as a measure of pleasure and pain, and formulated the premise behind the principle of the diminishing marginal utility of money: that each extra unit of money provided less additional pleasure than the last. Bentham’s focus on the maxima and minima of pleasures and pains set a precedent for the search for optimum positions that is central to modern microeconomic theory. Bentham was a prolific writer, but the best of his expositions concerning human nature is An Introduction to the Principles of Morals and Legislation that remains a classic still today. Salamat Travel 2016.

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