The study of intrapersonal economic relations, or economics , is still at the programmatic stage. There is no generally accepted paradigm, or even as well-defined set of problems that constitute it as a subdiscipline within economics. Some questions are, however, emerging as foci of interest for a small but increasing number of writers, not just in economics, but also in psychology and philosophy. The writings of Thomas Schelling on self-management, of George Ainslie on self-control, and of Derik Parfit on personal (...) identity testify to this convergence. (shrink)

“Utility,” in plain English, means usefulness. In Australia, a ute is a useful vehicle. Jeremy Bentham specialized the meaning to a particular sort of usefulness. “By utility,” he said, “is meant that property in any object, whereby it tends to produce benefit, advantage, pleasure, good, or happiness or to prevent the happening of mischief, pain, evil, or unhappiness to the party whose interest is considered”. The “principle of utility” is the principle that actions are to be judged by their usefulness (...) in this sense: their tendency to produce benefit, advantage, pleasure, good, or happiness. When John Stuart Mill spoke of the “perfectly just conception of Utility or Happiness, considered as the directive rule of human conduct,” he was using “Utility” as a short name for this principle. “The greatest happiness principle” was another name for it. People who subscribed to this principle came to be known as utilitarians. (shrink)

It is my view that one essential difference between persons and other creatures is to be found in the structure of a person's will. Besides wanting and choosing and being moved to do this or that, men may also want to have certain desires and motives. They are capable of wanting to be different, in their preferences and purposes, from what they are. Many animals appear to have the capacity for what I shall call "first-order desires" or "desires of the (...) first order," which are simply desires to do or not to do one thing or another. No animal other than man, however, appears to have the capacity for reflective self-evaluation that is manifested in the formation of second-order desires. (shrink)

In recent decades, neoclassical economists have made heroic efforts to accommodate within the confines of the concept of rational utility maximization the fact that individual behavior is significantly affected by moral considerations. This article argues the merits of using an alternative approach: recognizing that individuals pursue at least two irreducible sources of value or “utility”, pleasure and morality. The possibility that some additional utilities may have to be recognized is explored. This raises the concern that conceptual anarchy will break out, (...) which in turn will force a search for a common denominator, and thus a return to one overarching utility. Arguments are presented to show that this concern is unfounded. The main focus of the article is a criticism of the monoutility conception and a brief for separating the sense of discharging one's moral obligations from all other satisfactions. The article first deals with general conceptual points, and then cites both everyday observations and empirical evidence in support of this position. (shrink)