Final answer:
Utilitarianism is the ethical theory that suggests the morality of an action is based on its contribution to the greatest happiness or utility for most people, known as the greatest happiness principle.
Step-by-step explanation:
The principle that advocates for acting in a manner that produces the greatest overall amount of good in the world is known as utilitarianism. This ethical theory suggests that the morality of an action is determined by its contribution to overall happiness or utility, aiming to maximize happiness for the greatest number of people. It defines the greatest happiness principle as the guide for moral conduct, stressing that the right action is the one that maximizes happiness or produces the most net happiness. Jeremy Bentham initially put forward this principle, and it was later expanded upon by John Stuart Mill.
Utilitarianism was developed to direct lawmakers to consider the common good rather than personal interests when creating laws. It treats every individual equally and focuses on maximizing the benefit or utility of everyone involved. Utilitarianism is not restricted to providing pleasure but also encompasses the satisfaction of interests, thereby shaping a more comprehensive development of this ethical stance.