Utilitarianism

n. belief that usefulness is the basis of virtue and that decisions should be made according to what will be good for the greatest number of people

This article discusses utilitarian ethical theory. For a discussion of John Stuart Mill's essay Utilitarianism (1861), see Utilitarianism (book).Utilitarianism is the ethical doctrine that the moral worth of an action is solely determined by its contribution to overall utility. It is thus a form of consequentialism, meaning that the moral worth of an action is determined by its outcome—the ends justify the means. Utility — the good to be maximized — has been defined by various thinkers as  happiness or pleasure (versus suffering or pain), though preference utilitarians like Peter Singer define it as the satisfaction of preferences.
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Noun
1. doctrine that the useful is the good; especially as elaborated by Jeremy Bentham and James Mill; the aim was said to be the greatest happiness for the greatest number
(hypernym) doctrine, philosophy, philosophical system, school of thought, ism

(n.)
The doctrine that virtue is founded in utility, or that virtue is defined and enforced by its tendency to promote the highest happiness of the universe.
  

(n.)
The doctrine that utility is the sole standard of morality, so that the rectitude of an action is determined by its usefulness.
  

(n.)
The doctrine that the greatest happiness of the greatest number should be the end and aim of all social and political institutions.
  

philosophy of Jeremy Bentham and followers (John S. Mill); the economy should be based on 'the greatest happiness for the greatest number'; it's a teleological theory - so there!