The philosophy of utilitarianism, a consequentialist approach of ethics developed by ethicists Bentham and John Stuart Mill, argues that the best decision is the one that maximizes overall well-being or pleasure. Fundamental to this philosophy is the "Greatest Happiness Principle," which claims that actions are ethically correct if they increase pleasure and unjustified if they produce the contrary. The utilitarian approach evaluates the rightness of an action based on its result, making it a realistic approach to ethical judgments.

This philosophy questions classic moral structures that emphasize obligations or laws, instead promoting a adaptable strategy that considers the results of decisions. Utilitarians argue that by focusing on the highest well-being for the greatest number, the community can attain a higher state of welfare. This principle has been used in numerous areas, including the economy, politics, and policy-making, shaping choices that strive to better social welfare and reduce misery.

The utilitarian approach also tackles the nuances of assessing and weighing happiness. Critics argue that it can be challenging to measure happiness and that this method may ignore the dignity and worth of persons. Nevertheless, advocates maintain that the utilitarian approach gives a objective and impartial system for judging ethical problems, encouraging a more humane and realistic view to moral business philosophy decision-making. By prioritizing the consequences of decisions and seeking to increase overall pleasure, utilitarianism provides a convincing model for achieving a just and equitable world.