The Pareto Rule and Welfare Economics

"It is [my] contention ... that the wake for all welfare economics is premature, and that welfare economics can be reconstructed with the aid of the concept of demonstrated preference. This reconstruction, however, will have no resemblance to either of the "old" or "new" edifices that preceded it.  In fact ... our proposed resurrection of the patient may be considered by many as more unfortunate than his demise."