Free Essay

Account on Mills

In:

Submitted By sweta
Words 766
Pages 4
John Stuart Mills a famous utilitarian obeyed Bentham’s idea of utilitarianism but he redefined this to iron out these objections and make the theory more acceptable to the Victorian middle classes. His father was a friend of Bentham’s and, like Bentham he was preciously bright, he was reading Greek by the age of three and by the age of ten he had read all the classical authors usually required of undergraduates. Unlike other Victorians he argued strongly for equal rights for women. As well as being one of the most important of all moral philosophers, then, Mill is also one of the great political theorists, and still valued by many as the father of modern political liberalism.
Mill’s theory originates from only part of Bentham’s theory which states that utilitarianism is a teleological theory, which involves looking at the future effects or consequences of an action, which therefore implies that it is the consequences which are right or wrong, not the actions or motives. This means that an action should be chosen because it creates the right consequences and not the wrong ones. Mill also agrees with the idea of hedonism, which refers to the idea that naturally everybody experiences pleasure or pain. It claims that pleasure should be maximised as it is intrinsically good where as pain is intrinsically bad and therefore should be minimised.
In addition to this the principle of Utility, also an idea of Bentham’s, judges an action by how useful it is in bringing about good consequences and not bad ones, again reinforcing which is the right action to take. It involves aiming to gain the greatest amount of happiness and identifies whose pleasure should be maximised in each situation. Everyone’s happiness should be taken into consideration equally, therefore an action is good if it produces the effect that the majority of people’s happiness is maximised and their pain is minimised within a situation, even if this means you will suffer, as Mill says ‘It is not the agent’s own greatest happiness, but the greatest amount of happiness overall.’ The reason for this is because it is believed that if the majority of people experience happiness you benefit others, and yourself as well as it being a social communal theory.
However where Bentham states that the right action to take is that which produces the most amount of pleasure and the least amount of pain, Mill criticises this by saying that it can be immoral if the suffering the minority is to the extreme.. To help understand the types of pleasure Mill describes higher pleasures as the mental pleasures and the lower pleasures as being the physical ones, with the higher pleasures being maximised. Yet this should only happen after an individual has their basic needs.
Furthermore Mill builds on this by stating that you cannot harm a minority in order to benefit the majority, because this would not necessarily be maximising the higher pleasures, this is known as the harm principle. The only time you can harm the minority is if in result of not harming them it will harm the majority, this looks at self-protection. Finally Mill includes a competent judge in his theory; this is an example of someone who is trying to achieve this life style and is someone who an individual can go to for guidance if they are unsure about what to do. These all help prevent the persecution of the minorities.
Mill also criticizes Bentham’s Act Utilitarianism which says that each situation is unique and therefore one should always use the Hedonic Calculus, a tool used to measure an action, as well as abandoning all rules of the land. Mill believes that this is unreasonable to humans and that not all rules should be abandoned. This is because rules generally make the majority of people happy as they create a better environment for the majority to live in. For example the rule ‘you are allowed an abortion up to 24 weeks’ should be kept as for those that gat unexpected pregnancies can abort creating happiness. However Mill finally explains that a rule can be broken if by keeping the rule it involves harming the minority
In conclusion, John Stuart mill obeyed many factors of utilitarianism that Bentham introduced, however believed that there should be some aspects that he could introduce to make this theory better. He mainly believed in ‘the greatest good for the greatest number’ and focused on the individual alone where as Bentham believed in ‘the greatest happiness in the greatest number’ and was in search for the maximum happiness.

Similar Documents

Premium Essay

Air Asia Financial Analysis

...ASSIGNMENT – BMMF5103 OUM BUSINESS SCHOOL SEPTEMBER 2014 BMMF5103 MANAGERIAL FINANCE MATRICULATION NO IDENTITY CARD NO. TELEPHONE NO. E-MAIL LEARNING CENTRE : : : : : CGS00965001 830825-14-5638 019-2289044 nuraishah.baharudin@gmail.com Kuala Lumpur Learning Centre ASSIGNMENT – BMMF5103 TABLE OF CONTENT Introduction to the companies’ background…………………………………………………….….2 Calculation of relevant financial ratios of both companies……..………………………………….4 Analysis of the relevant financial for both companies and Comparison and evaluation of the two companies financial performance based on the computed ratios…………………………………..13 Conclusion…………………………..……………………………………………………………...42 References…………………………..………………………………………………………….…..45 Appendix A Appendix B 1 ASSIGNMENT – BMMF5103 Introduction to the Companies’ Background Malaysia Airlines Berhad Malaysia Airlines’ journey in achieving its current reputable position has been a remarkable one. On 12th October 1937, Malayan Airways Limited (MAL) was born. In 1965, with the separation of Singapore from Malaysia, MAL became a bi-national airline and was renamed Malaysia-Singapore Airlines (MSA). Malaysia introduced Malaysian Airline Limited, which was subsequently renamed Malaysian Airline System, headquartered at the Sultan Abdul Aziz Shah Airport in Subang, Selangor, and took to the skies on 1st October 1972. The airline operates a fleet of 129 aircrafts, flying to nearly 111 destinations...

Words: 12646 - Pages: 51

Premium Essay

Foreign Trade of Bank Asia Ltd.

...Loss of General Account interest on RAD balance: The balance of Foreign Currency account is showed in the Trial Balance of AD Branch in taka form which is deposit for them and earns general account interest on the daily balance on foreign currency. But the Remittance Awaiting Disposal (RAD) Account of Saiham Cotton Mills Ltd. & Faisal Spinning Mills Ltd. are being maintained with Central Trade Services Unit (CTSU) and neither the branch nor the CTSU is getting general account interest on the daily balance of RAD account of Saiham Cotton Mills Ltd. & Faisal Spinning Mills Ltd. In light of the above table, it is certain that we have loosed BDT 1.80 million general account interest from 01.01.2014 to 31.05.2014 which will be BDT 4.31 million in 2014 for not showing FC account balance in Trial Balance of our branch. Moreover, RAD account balance is not adding with total deposit of the branch and it is not contributing the deposit mix of the branch since it is a low cost deposit. No sharing of interest income on UPAS payment & USD Purchase: The L/C of Saiham Cotton Mills Ltd. and Faisal Spinning Mills Ltd. is opened either UPAS arrangement or EDF arrangement as per Corporate Office’s approval ref: BA/CO/CRM(CACO)/AHH/eS/2013/0813 dated 20.10.2013. In case of UPAS, we do not earn any interest income at the time of payment of L/C by the client to OBU though our proposal was to take share 2% rate of interest (along with DHANMONDI BRANCH 50% overdue interest earnings for overdue...

Words: 767 - Pages: 4

Premium Essay

General Mills Case Study

...General Mills Inc.—Understanding Financial Statements Teaching Notes: This is the first case we use in our course and it sets the tone. We find that using a company well-known to students piques their interest and gets the course off to a good start. The purpose of the case is to gain familiarity with financial statements and to begin to think about how financial statements reflect economic events and financial performance. Some students need to be reminded that the point of the exercise is not to perform a comprehensive analysis of the company. At this point, most students do not have the required skills. Rather, the goal is one of discovery. Many students find that they understand a lot more of the information in the financials than they thought they would. Others find that the vocabulary bogs them down. They need to be encouraged to learn the language of business. A productive exercise is to have students jot down a few (3-5) items they find puzzling in the financial statements. Then, on the last day of class, have the students refer back to their list. Typically, they understand everything they had on their day-one list. This provides tangible evidence of the value of the course because most students are pleasantly surprised at how much they have learned. The case probes the three basic statements as well as the two opinions issued by the firms’ auditors. This provides the opportunity to introduce the notions of corporate governance and ethics. The case includes basic questions...

Words: 2946 - Pages: 12

Premium Essay

General Mills

...General Mills Today alone General Mills will provide 60 million servings of ready-to-eat cereal, 27 million servings of Yoplait dairy products, 5 million Pillsbury Cookies, and 1 million servings of Häagen-Dazs ice cream. These impressive numbers prove what a large and varied food company General Mills is. Throughout the semester we researched and analyzed General Mills from four different angles. These include a business model analysis, accounting and accounting risk analysis, a financial analysis, and a valuation analysis. We have decided General Mills is a successful company that will continue its success into the future. General Mills manufactures and markets branded consumer foods across the globe. It also supplies unbranded food and products to many food service industries. The company was founded in Minneapolis 1928 and it is still based there today. It has acquired many companies since its origination leaving it today as one of the world’s largest food suppliers. General Mills operates in three segments, one being retailers, the second is bakeries/food industries, and The business model for General Mills is to obtain a larger consumer base. The more consumers that enjoy or use General Mills products the more their revenue will go up. General Mills is large in marketing and tries to attract all age ranges with specific foods. It also wants to reach all food segments to be able to reach all types of customers...

Words: 4239 - Pages: 17

Premium Essay

General Mills Case Study

...General Mills Inc.—Understanding Financial Statements Teaching Notes: This is the first case we use in our course and it sets the tone. We find that using a company well-known to students piques their interest and gets the course off to a good start. The purpose of the case is to gain familiarity with financial statements and to begin to think about how financial statements reflect economic events and financial performance. Some students need to be reminded that the point of the exercise is not to perform a comprehensive analysis of the company. At this point, most students do not have the required skills. Rather, the goal is one of discovery. Many students find that they understand a lot more of the information in the financials than they thought they would. Others find that the vocabulary bogs them down. They need to be encouraged to learn the language of business. A productive exercise is to have students jot down a few (3-5) items they find puzzling in the financial statements. Then, on the last day of class, have the students refer back to their list. Typically, they understand everything they had on their day-one list. This provides tangible evidence of the value of the course because most students are pleasantly surprised at how much they have learned. The case probes the three basic statements as well as the two opinions issued by the firms’ auditors. This provides the opportunity to introduce the notions of corporate governance and ethics. The case includes basic questions...

Words: 2946 - Pages: 12

Premium Essay

Apple Case Study

...General Mills, Inc. A. What is the nature of General Mills business? That is, based on what you know about the company and on the accompanying financial statements, how does General Mills make money? * Nature of General Mills business is to have people eat their brands for breakfast, lunch, dinner, and snacks. * General Mills uses LIFO method for their inventory inside the US and use FIFO outside the US. * General Mills makes money through their brand (inventory) and their investments (goodwill/intangible assets), and research and development of new products B. What financial statements are commonly prepared for external reporting purposes? What tittles does General Mills give these statements? What does “consolidated” mean? * Balance Sheet and Statement of Earnings * Consolidated Statement of Earnings and Consolidated Balance Sheets * Consolidated – combining assets, equity, liabilities and operating accounts of a parent firm and its subsidiaries into one financial statement. C. How often do publicly traded corporations typically prepare financial statements for external reporting purposes? * They report yearly, every fiscal year in May. D. Who is responsible for the financial statements? Discuss the potential users of General Mills financial statements and type of information they are likely interested in. * Management is responsible for financial statements. * Potential users of statements are stockholders, investors...

Words: 1258 - Pages: 6

Premium Essay

Ls312 Ethics and the Legal Environment Unit 2

...LS312: Ethics and the Legal Environment Unit 2 Prof. Craig July 16th, 2013 John Stuart Mill developed a systematic statement of utilitarian ethical theory, which is another ethical theory based on the consequences of actions. The application of this theory involves performing the action that produces the best results for the greatest number of people. Utilitarianism can be further reduced into two sub-categories, act utilitarianism and rule utilitarianism. Followers of act utilitarianism think that in each ethical situation, an individual should perform the action that produces the best results for the majority of people. Rule utilitarianism requires people to construct and follow an established set of rules that should guarantee the best possible outcome for the majority of the people. Critics of both utilitarianism positions argue that it is extremely difficult to determine future consequences for other people. Another problem of utilitarianism is cost benefit analysis. Essentially, in the quest to please the majority, at what point do the minority’s interest become expendable? Assigning value to individuals in this manner, and using them as a means to an end may not always be considered moral behavior in some situations or circumstances (Kemerling, 2011). In the Palm Beach Post this week was a news article titled, "Royal Palm Beach woman charged with opening fake account, stealing $6,000 from bank" which was about a 50-year-old woman, Anna Papa, of Royal Palm Beach...

Words: 623 - Pages: 3

Premium Essay

Accounting

...1. a. Return on Equity (ROE)   | ROE | GENERAL MILLS | 22.45% | KELLOGG | 57.78% | GENERAL MILLS: ROE= Net income / Average stockholder’s equity = 1294.7/ ((6215.8+5319.1)/2) KELLOGG: ROE= 1148/ ((1448+2526)/2) b. Return on Net Operating Assets (RNOA)   | NOPAT | ANOA | RNOA | GENERAL MILLS | 1556.154 | 13060.8 | 11.91% | KELLOGG | 1346.4 | 7327.5 | 18.37% | GENERAL MILLS: RNOA=Net operating profit after tax /Average net operating assets Net operating profit after tax=2227.8-(622.2+421.7*0.38) +110.8 Average net operating assets = (19041.6-(12583.5-442-2208.8- 4348.7)+18183.7-(11725.8-1734-1254.4-3217.7))/2 KELLOGG: Net operating profit after tax= 1953-(485+296*0.38) Average net operating assets = (10946-3552+1+1387-300-631-947+11397-4044+466+1489-647-171-739)/2 ...

Words: 1361 - Pages: 6

Premium Essay

Industry Analysis

...IFC Advisory Service in the Middle East and North Africa Manufacturing Segment Grain Mill Products and Animal Feeds In partnership with: Canada, Denmark, Netherlands, Islamic Development Bank, Switzerland, United Kingdom and the United States. IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private segment development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. This report was commissioned by IFC through its Bank Advisory Services program which, helps build capacities of commercial banks to provide banking services to small and medium enterprises (SMEs) in a responsible, profitable and sustainable manner. © International Finance Corporation 2011. All rights reserved. 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 Internet: www.ifc.org The material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly, and when the reproduction is for educational and non-commercial purposes, without a fee, subject to such attributions and notices as we may reasonably require. IFC does not guarantee the accuracy, reliability or completeness of the content included in...

Words: 7337 - Pages: 30

Premium Essay

Specialized Taxation

...EXPENSES Malayan Weaving Mills Sdn Bhd v Director General of Inland Revenue The Case Issues: Whether the provision made for retirement benefits that had been taken into account in the sale of the appellant’s printing and dyeing mill was allowable or not allowable (capital expenditure or revenue expenditure) under s33(1) of the Income Tax Act 1967. The Facts: In Malayan Weaving Mills Sdn Bhd vs Director General of Inland Revenue [(2000) MSTC 3778], the taxpayer owned and operated three types of mills, namely, a spinning mill, two weaving mills and a dyeing and printing mill. The dyeing and printing mill was sold to Textile Corp (M) Sdn, Bhd. (“TCM”). The taxpayer also transferred all its employees working in the dyeing and printing mill to TCM. The provision for retirement benefits for the employees was agreed at RM1, 885, 529. This amount was set off against the actual sale price to TCM. The taxpayer claimed that this amount was tax deductible under Section 33(1) of the Act. The respondent disallowed the taxpayer’s claim. The Argument: Appellant It is the appellant’s case that: * The provision for retirements benefits which was transferred upon the sale of the mills deductible as expense in the appellant’s gross income, * It was bound to make the payments under the collective agreement with the employees, * The appellant used relevant formulae in the computation of the retirement benefit, * The payments had in fact been paid out in the sense...

Words: 746 - Pages: 3

Premium Essay

Business Plan: Tickets.Pk

...Final Project Report ITE-603: E-Commerce Business Plan: Tickets.pk Submitted to Dr. Zainab Riaz Submitted by Muhammad Iqrash Awan Jamal Hassan Amber Younas Farah Naz NUST Business School TABLE OF CONTENTS Table of Contents .......................................................................................................................................... 1 1 2 Executive Summary ............................................................................................................................... 3 About Ticket.pk ..................................................................................................................................... 4 2.1 2.2 2.3 2.4 2.5 3 Name ............................................................................................................................................. 4 Vision............................................................................................................................................. 4 Mission .......................................................................................................................................... 4 Objectives/Goals ............................................................................ Error! Bookmark not defined. Keys to Success ............................................................................................................................. 4 Environment Analysis..............................................................

Words: 3265 - Pages: 14

Free Essay

Economics

...largest industry of modern India. It accounts for over 20 percent of industrial production and is closely linked with the agricultural and rural economy. It is the single largest employer in the industrial sector employing about 38 million people. If employment in allied sectors likes ginning, agriculture, pressing, cotton trade, jute, etc. are added then the total employment is estimated at 93 million. The net foreign exchange earnings in this sector are one of the highest and, together with carpet and handicrafts, account for over 37 percent of total export earnings at over US $ 10 billion. Textiles, alone, account for about 25 percent of India’s total forex earnings. India’s textile industry since its beginning continues to be predominantly cotton based with about 65 percent of fabric consumption in the country being accounted for by cotton. The industry is highly localized in Ahmedabad and Bombay in the western part of the country though other centers exist including Kanpur, Calcutta, Indore, Coimbatore, and Sholapur. The structure of the textile industry is extremely complex with the modern, sophisticated and highly mechanized mill sector on the one hand and the hand spinning and hand weaving (handloom) sector on the other. Between the two falls the small-scale power loom sector. The latter two are together known as the decentralized sector. Over the years, the government has granted a whole range of concessions to the non-mill sector as a result of which the share...

Words: 5947 - Pages: 24

Premium Essay

Cardon Carpet Door Case

...The US Carpet and rug industry is experienced a decline in the number of manufactures because of mergers, acquisitions and bankruptcies. Mid 1980, more than 300 companies in early 2000, about 100 companies were eliminated from industry, 96 US based and Canadian based, most of which are private held companies. By 1999, it was estimated that 10 companies in the industry produced 91% of carpet and rug sales in US. Three companies, Shaw industry, Mohawk Industry and Beaulieu of America, accounted for about 85% of US residential carpet and rug sales. There have been three major competitive trends that occurred within the industry. Firstly, In Mid-1980, the largest carpet and rug manufacturer began to eliminate floorcovering wholesaler. Then, they sell directly to retailer in large numbers. The company establishes their sales offices located in manufacturer-operated distribution in order to capture the margin paid to manufactures and to decline negative manufacturer profit margin. Secondly, in early 1990, wholesale and retail distribution for residential carpet and rugs in US was experienced. Department stores, furniture outlets and independent retail stores were being replaced by large mass-merchandise and discount stores such as K-mart and Wall-mart, and by home centers such as home depot in order to capturing an increasing share of residential carpet and rug sale. This create a new occurrence among specialty outlets; the buying group. That is type an organization of similar retailers...

Words: 1407 - Pages: 6

Premium Essay

Accounting Finance Department Hierarchy

...Punjab College of Commerce Financial Accounting ACCT3013 Prof. Hafiz Imtiaz Reg. No. 2035 – Minahil Raza Reg. No. 2030 - Ahmad Waqas Reg. No. 2001 - Syed Faizan Jaffri December 15, 2013 Difference between Accounting & Finance Accounting is an art of recording, classifying and summarizing the transaction in a significant manner, whereas finance is the management of money and other valuables, which can easily be converted into cash. Functions of Finance Department of an Organization * Preparation of Budget Plans It is duty of finance department of company to make the budget before actual providing money to any department. It helps to fulfill each department with minimum cost. * Financial Management In this function finance department gets money from capital market at very low risk and cost. Finance department analyzes all the resources of funds and create a good financial structure of company. In this structure, finance department analyze whether it will decrease the overall cost of capital on Average basis or not.  * Management of Investments of Company After making financial structure, finance department invests debenture holders and shareholders money in best projects for getting highest return on investment. For this finance department takes investment decision. These investment decisions can be taken with the help of capital budgeting and investment analysis techniques.  * Management of Financial Risks Financial department takes...

Words: 1304 - Pages: 6

Free Essay

How Adequate Is Mill’s Conception of Happiness? How Good Are His Arguments to Show That “Higher” Pleasures Are Intrinsically More Desirable Than “Lower” Ones? Is This Distinction Consistent with the Thesis That Pleasure

...distinction consistent with the thesis that pleasure is the only thing of value? In “Utilitarianism” Mill argues that ‘higher’ pleasures are intrinsically more valuable than ‘lower’ pleasures, citing the invariable preference of men who have access to both available (pp.140). I am inclined to disagree, particularly with regards to his assertion that ‘higher’ pleasures have such a “superiority of quality”(pp.139), so as to render any quantity of ‘lower’ pleasures “in comparison, of small account”- this non-cardinal view of pleasure raises many discontinuities. This is particularly the case when we take Mill at his word: “actions are right in proportion as they tend to increase happiness… By happiness is intended pleasure and the absence of pain”(pp.137), and view pleasure as the only good. It is the twin beliefs; of pleasure as the only good-making exercise and Mill’s non-cardinal conception of pleasure that form the core of my disagreement with Mill. I will begin by presenting Mill’s arguments for intrinsically more valuable ‘higher’ pleasures and evaluating them. To support his assertion that ‘higher’ pleasures are intrinsically more valuable, Mill asks the reader to consider a thought experiment. Would an “intelligent human being… consent to be changed into a fool”(p.139), if they could be persuaded that the fool “is better satisfied with his lot than they are with theirs”. As Mill attests, almost everyone (with the possible exception of the severely depressed or unsatisfied) would...

Words: 2068 - Pages: 9