Subject(s): Welfare economics. -- Social choice. -- Development economics. -- Possibility theorem on majority decision, quasi-transitivity, rational choice and collective decisions, necessary and sufficient condition for rational choice under majority decision, choice functions and revealed preference, behavioral and concept of preference, social choice theory- re-examination, rationale fools- critique of behavioral foundations of economic theory -- information constraints in social welfare analysis, welfare basis of real income comparisons, welfarism defense against Sen's attack, liberty and social justice, well being, agency and freedom- Dewey lectures 1984, goals, commitment and identity, internal constancy of choice, markets and freedom- Achievements and limitations of market mechanism in promoting individual freedoms, formulation of rational choice, Amiya Kumar Dasgupta, rationality and social choice, voting schemes, maximization and act of choice, possibility of social choices