From Classical to Neoclassical Utilitarianism - Moral Foundations of Politics
Explore the transition from classical to neoclassical utilitarianism in this economics-focused lecture from Yale University's Moral Foundations of Politics course. Delve into key concepts like indifference curves, transitivity, the Pareto principle, and the Edgeworth box diagram as introduced by economist Vilfredo Pareto and expanded upon by Francis Edgeworth. Discover how neoclassical utilitarianism eliminated Bentham's problematic interpersonal utility comparisons, but in doing so, shifted from a potentially redistributive doctrine to one that largely supports the status quo. Examine the contrasting approaches to individual differences between classical and neoclassical utilitarianism, and gain insights into their implications for economic theory and policy.