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 happiness, will be noticed and marked down". He considered both surveillance and transparency to be useful ways of generating understanding and improvements for people's lives. Bentham distinguished among fictional entities what he called "fabulous entities" like Prince Hamlet or a centaur, from what he termed "fictitious entities", or necessary objects of discourse, similar to Kant's categories, such as nature, custom, or the social contract. Bentham is widely associated with the foundation in 1826 of London University (the institution that, in 1836, became University College London), though he was 78 years old when the University opened and played only an indirect