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MATERIALS BALANCE: A hard and fast rule that the total amount of stuff removed from the natural environment will be eventually returned, probably as pollution. This is based on a fundamental law of physics that says material can be neither created nor destroyed, but only transformed. During any given period (such as a year) the quantity of materials returned to the environment is the difference between the quantity extracted and the quantity used by the economy.
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UTILITARIANISM A philosophical view that the value or worth of an action depends on the amount of pleasure it generates or the amount of pain it prevents, or in economic terms, the amount of utility generated. Utilitarianism, although dating back to the early Greek philosophers, is largely attributable to the work of Jeremy Bentham and John Stuart Mill. This philosophy played a major role in the development of modern consumer demand theory and utility analysis.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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LS
Least Squares
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