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In my view, no. It is a nice theory, but it assumes that you can actually measure "good" (or pleasure,
or whatever) and then add it all up — not just for one possible sequence of events, but for all possible
outcomes. This is a nonsense, and it is an even greater nonsense to base a theory of ethics on it.
This is not to say that we should not try to anticipate the outcomes of our actions, nor that
consequences are of no moral value.
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