南宋集浙東事功學派大成的葉適，其義利之辨最足突顯其事功說的旨趣。葉適援用《易．乾文言傳》：「利者，義之和也。」調和義利之關係。本文釐清「義」、「利」概念內涵之不同，闡明儒家係以「義」規範「利」。在陳述葉適如何務實的批判董仲舒的義利觀以建構己見。他申論儒家的仁人君子不侷限於正「義」，且進而捨己為人的維護天下人之福利，不但究明客觀的義理，且講求如何福國利民的功效。若英國功利主義的倫理信條在於以人之行為目的和結果是否創造滿全了社會大眾最大的合理需求及快樂，則葉適的義利觀頗能契合，若持功利主義的邊沁意在追求個己快樂，穆勒追求個己與群體共同快樂為正鵠，則葉適不計個人苦樂，一心憂國憂民的情操更顯高貴。

Ye Shi was the most important constructor of Shi Gong School, which was created in the east of Zhi-jiang in the Southern Song Dynasty; his "Distinction between Righteousness and Profit" is the most outstanding theme of his doctrine of Shi Gong. In the Book of Changes, it says, "profit is the balance of righteousness," and Ye Shi referred to this saying to adjust the relation between rightenousness and profit. In this paper, we try to clarify the difference between the meaning of righteousness and the meaning of profit. Then we take a step further to illustrate how the Confucians ocnstrained profit with rightenousness and how Ye Shi constructed his own views with a commentary on Dong Zhong-shu's views about righteousness and profit. Ye Shi claimed that a Confucian gentleman, rather than circumscribing himself with righteousness, was supposed to protect the profit of mankind at his own expense, which clarified the objective meaning of righteousness with emphasis on the common good. If the ethical creed of utilitarianism is to satisfy the society's needs and bring happiness, it is consistent with Ye Shi's views about righteousness and profit. It Bentham the utilitarian meant to look for personal happiness, and Muller aimed at the common happiness of the individual and the community, then Ye Shi's concerns about the profit of the country and its people at the expense of his own happiness prove even more noble.