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
History of economic thought theory. John Stuart Mill (1806–1873) was the dominant figure of political economic thought of his time, as well as a Member of parliament for the seat of Westminster, and a leading political philosopher. Mill was a child prodigy, reading Ancient Greek from the age of 3, and being vigorously schooled by his father James Mill. Jeremy Bentham was a close mentor and family friend, and Mill was heavily influenced by David Ricardo. Mill's textbook, first published in 1848 and titled "Principles of Political Economy" was essentially a summary of the economic thought of the mid-nineteenth century. "Principles of Political Economy"