Economics, Entrepreneurship and Utopia

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In the early 1800s, Robert Owen was a mill owner, political figure, and an advocate for social reform, and his publications attained considerable circulation. He believed that people need good working conditions in order to be encouraged to work and motivated to learn. Despite the higher costs associated with this kind of operation, compared to the traditional ones, Owen’s management resulted in increased productivity and profit. His results caught the attention of men of wealth who were interested in social reform. In particular, at a similar time, Jeremy Bentham was developing his own theories. Owen and Bentham seemed to be based on some similar ideas that the greatest happiness creates the greatest results. Their ideas developed against the backdrop of the Industrial Revolution, and growing social and economic problems in England. Owen and Bentham were forerunners of highly relevant current theories of economics – marginalism, entrepreneurship, personnel management, and constructivism. They were acquainted with such important authors as James Mill, Malthus, Ricardo and John Stuart Mill. However, their economic theories were ruled out by classical economists, who actively tried t

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