Answer:
Utilitarianism is the ethical theory aiming for the greatest happiness for the greatest number, developed by Bentham and Mill, encapsulating key concepts like net happiness and the harm principle.
Step-by-step explanation:
The consequentialist theory of morality that aims to achieve the greatest happiness for the greatest number of people is called utilitarianism. This approach was first developed by Jeremy Bentham and later articulated by John Stuart Mill. Utilitarianism considers the consequences of actions and holds that those which yield the most net happiness (pleasure minus pain) are the most morally correct. Mill's adaptation of utilitarianism also introduced the harm principle, suggesting that actions should only be restricted if they harm others, becoming a fundamental concept for 19th-century liberalism.
Under the utilitarian frame, every decision should be guided by what produces the most utility or happiness, considering not only your own but the happiness of all affected—this notion is popularly encapsulated by the phrase 'the greatest happiness for the greatest number'. It's a measure by which governments and societies can evaluate the morality of their policies and actions, aiming to maximize human well-being and general welfare. Utilitarianism is thus a form of teleological ethics, where the ethical value of an action is determined by its outcome.