Foundations of Neoclassical Economics

By Dale Green on youtube.com

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This content is about the foundations of the neoclassical school, with a special focus on Jeremy Bentham. Bentham's first publication was the Introduction to the Principles of Morals and Legislation in 1780, which laid the foundation for utilitarianism. Bentham argued that the utility determined value and that the government should increase money in circulation if savings exceed new investment. He also argued that the total utility in a society would increase if there was redistribution of money from the rich to the poor. Bentham favored some redistribution, but still thought that some inequality was needed to incentivize people to work.