An Example Of An Expert Version Of Utilitarianism

In an expert version of utilitarianism all decisions pertaining to the market, and therefore consumer happiness, are made by so called experts. Friedman would determine this to be the most problematic form of government as “…it involves the acceptance…that some shall decide for others” (Capitalism, Pg. 33-34). In this economic regime, it is common for there to be shortages or surpluses of goods as these experts are slow to react to the change in consumer demand. There is typically a quota placed on goods and services stating how much of each item can and should be produced. As firms are unable to change the prices of goods and services themselves they are less motivated to innovate. In this way, the regime quickly runs into problems as they fail to produce items efficiently. With no motivation, the expert model loses out on new inventions that would increase consumer’s happiness, or firm’s production speed, and increase firm’s profit.

In this economic regime should market forces be allowed to work and should corporate executives respond correctly to consumer demand, consumer happiness and firm’s profits will rise. In this model, the one who is willing to take on the risks of opening their own business will simultaneously reap all the rewards and all the consequences. The people are motivated in this regime because the potential profits often out way the potential risks to the entrepreneurs. With this motivation innovation is only a short step behind, new technology increases the firm’s profits, and therefore the entrepreneur’s earnings, as well as minimizes