The always interesting and often brilliant Walter Russell Mead has a post titled The Right Wrestles with the Inequality Debate. It is mainly an analysis of the disparate views within the political right about income equality. First, he correctly notes that people on the conservative and libertarian side generally don’t object to inequality, to the extent it is earned by people who create value.
by giving free rein to the talents and ambitions of the strongest, we are setting in motion a process which over the long run will make everyone better off. The talented will invent new technologies, discover new drugs, make compelling art and otherwise enhance the general human storehouse through their own unfettered pursuit of happiness. Any heavy handed government efforts to keep the talented from becoming too successful will slow down the pace of innovation and change that historically has seen living standards for average people skyrocket over the last three hundred years. This idea isn’t going away anytime soon and the reality that three hundred years of capitalist development has in fact raised living standards to unprecedented levels in much of the world suggests that there may even be some truth in it.
Mead does not focus on the question of resentment against unearned wealth. Where political connections are the source of wealth, that wealth does not benefit the public or create value. It is zero sum, parasitic.