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 role in its establishment. His direct involvement was limited to his buying a single £100 share in the new University, making him just one of over a thousand shareholders. Bentham and his ideas can nonetheless be seen as having inspired several of the actual founders of the University. He strongly believed that education should be more widely available, particularly to those who were not wealthy or who did not belong to the established church; in Bentham's time, membership of the Church of England and the capacity to bear considerable expenses were required of students entering the Universities of Oxford and