Felicific calculus private be thy end:<br> If it be public, wide let them extend<br> Such pains avoid, whichever be thy view:<br> If pains must come, let them extend to few. The units of measurements used in the felicific calculus may be termed "hedons" and "dolors". They may be regarded as similar to the utilitarian posends and negends. Felicific calculus The felicific calculus is an algorithm formulated by utilitarian philosopher Jeremy Bentham (1748–1832) for calculating the degree or amount of pleasure that a specific action is likely to cause. Bentham, an ethical hedonist, believed the moral rightness or wrongness of an action to
Schools of economic thought what is termed the modern era. Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'orthodox economics'). Within the mainstream in the United States, distinctions can be made between the Saltwater school (associated with Cornell, Berkeley, Harvard, MIT, Pennsylvania, Princeton, and Yale), and the more laissez-faire ideas of the Freshwater school (represented by the Chicago school of economics, Carnegie Mellon University, the University of Rochester and the University of Minnesota). Both of these schools of thought are associated with the neoclassical synthesis. Some influential approaches of the past, such as the historical school