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Kenneth Arrow’s  Social Choice and Individual Values  (Cowles Monograph No. 12, 1951), a work that established the field of social choice and set the limits for what public economic theory could hope to achieve, was formulated at the Cowles Commission at the University of Chicago from 1947 to 1949 (and during the summer of 1948 at the RAND Corporation) in a context in which concern with using economic theory to guide the economy was intense. During the period just before he shared in developing the Arrow-Debreu-McKenzie proof of existence of general equilibrium, Arrow moved through a series of papers to prove the  non -existence of a social welfare function. The context of Arrow’s non-existence proof for aggregation of individual preferences into social welfare function and to Arrow’s shift from trying to prove a possibility theorem for social welfare to proving an impossibility theorem has been confused by a reprinted and influential reminiscence in which Arrow mis-remembered when he had spent a summer at RAND and when he had presented his impossibility theorem to the Econometric Society.

The emergence of social choice at the Cowles Commission, 1948–1952: Arrow’s Social Choice and Individual Values in context