TheOtherDave comments on A (small) critique of total utilitarianism - Less Wrong
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Yes, basically everyone agrees that suffering is bad, and reducing suffering is valuable. Agreed.
And as you say, for most people there are things that they'd accept an increase in suffering for, which suggests that there are also other valuable things in the world.
The idea of using suffering-reduction as a commensurable common currency for all other values is an intriguing one, though.