Excellent article, Sani. Thanks for posting it.
There's one factor I think that perhaps has not been examined in this analysis and that is the alternative view of wealth creation in a free market. One is that there's a zero sum (or finite amount) of wealth and the other is an infinite amount of potential wealth. The latter, and I think more practical, economic theory is one that was advocated more by Reagan. I'm probably explaining it poorly but I'm tired and it's late (or early) depending on your point of view. Anyway, it seems to me that Dr. Williams is explaining this theory more in terms of the former viewpoint.
Again, I meant to post a comment on this earlier but in my excitement over the election of Michael Steele to head the RNC I overlooked some compelling political posts like this one.
I wonder if you (or others here) know that Walter Williams occasionally fills in for Rush? That's where I first heard of him. He's a solid conservative regardless of my very mild criticism here.