Utilitarianism is a moral theory that advocates for actions promoting happiness and the greatest good for the majority, associated with philosophers Jeremy Bentham and John Stuart Mill. It holds that actions are right if they promote happiness and wrong if they produce unhappiness, while emphasizing the intrinsic value of pleasure and equal consideration for everyone's happiness. Despite its influence in political and economic spheres, utilitarianism faces limitations such as oversimplifying morality and challenging the consideration of justice and individual rights.