At ThinkMarkets, Roger Koppl argues that Income Inequality Matters.

Some excerpts:

The surprise should be that we pro-market types have not spoken up more on this central issue, thereby letting it become associated almost exclusively with more or less “progressive” opinion. This indifference to income distribution is all the more mysterious because pro-market thinkers generally support a theory of politics that tells us to watch out for ways the state can be used to create unjust privileges for some at the expense of others.

And:

We now have not a two-tiered legal system, but a three-tiered legal system in which 1) poor black and Latino men are singled out for scrutiny and sent to prison in disproportionate numbers, 2) the power elite is above the law, and 3) middle class Americans are mostly left alone — so far — if they commit no crimes worse than the drug offenses each of our last three Presidents committed in his youth. This unjust justice system tends to move income up from the lower ranks into the hands of the elite.

I’ve made some skeptical comments about the moral significance of inequality on this blog before. But everything that Koppl here strikes me as important, and exactly right.