Shane Mage writes:>Under rigorous "neoclassical" analysis it is easily demonstrated<
of course, rigorous neoclassical analysis is not the same as the Chicago-school neoclassical analysis embraced by Sowell. For the latter, "rigorous" refers to "free market."
I don't know about Sowell, but I have to give credit where credit is due. I learned the analytic demonstration I referred to in Gary Becker's "Economic Theory" class at Columbia U Grad School in 1959. Incidentally, all Becker's "teaching" consisted of reading from Milton Friedman's lecture notes--when he came to this point he had to proclaim that it had "no real-world applications!"
Shane
