Jeremy Bentham to the fundamental concepts employed in his model of utilitarian decision making. His work is considered to be an early precursor of modern welfare economics. Bentham stated that pleasures and pains can be ranked according to their value or "dimension" such as intensity, duration, certainty of a pleasure or a pain. He was concerned with maxima and minima of pleasures and pains; and they set a precedent for the future employment of the maximisation principle in the economics of the consumer, the firm and the search for an optimum in welfare economics. Bentham advocated "Pauper Management" which involved the creation
Jeremy Bentham Laws at University College London occupies Bentham House, next to the main UCL campus. Bentham's name was adopted by the Australian litigation funder IMF Limited to become Bentham IMF Limited on 28 November 2013, in recognition of Bentham being "among the first to support the utility of litigation funding". Ivan Vazov, national poet and man of letters of Bulgaria (then recently liberated from Ottoman rule, but divided by the Treaty of Berlin) refers to Bentham in his 1881 poem (in English: "People with Diplomas"). Jeremy Bentham Jeremy Bentham (; 15 February 1748 [O.S. 4 February 1747] – 6 June 1832)