"We ought to ask of economics the same question of that we ask with regards to any other moral issue: how it fosters or frustrates human flourishing."
It is true that the Occupy movement is difficult to deal with - given that its critique of society seems so vapid and monolithic - and reverberations in the press don't seem to be generating anything deeper, either.
Nonetheless - it is a good thing to examine our economic and political system, with the aim of arriving at more poignant questions, new avenues for dialogue, and uncovering our blindness to issues that don't usually grab our attention.
And the three authors of this First Things blog post do a great job at summarizing the social ills that accompany a high degree of economic inequality between classes.
I suppose though that it is also worth asking: "Is a society based on liberal capitalism which has embraced conspicuous consumption as an ideal to the degree that America has, not predisposed toward fostering such economic inequality?" This is a question of rather serious magnitude and would take a great deal of thought, research, and unpacking. But let us first consider one element of this question - that of conspicuous consumption.
My own "take" here is more or less this: that conspicuous consumption is the greatest enemy, greater than the economic inequality itself. In nearly all societies, power has been held by a few - whether they be aristocracy, elected officials, or the wealthy. But we rightly expect this power to be exercised wisely and justly. We have been aware since ancient times that mob rule is one of the very most painful and unjust forms of government.
When the wealthy invest their wealth in the creation of jobs - e.g., in farms, factories, shops, corporations, stocks ... they are investing wisely and justly, and re-distributing wealth in a productive manner for the public good.
When they invest their wealth in ridiculously large houses, insanely expensive sports cars, boats, fashion accoutrements etc. etc., though there is some initial employment, the house or sports car is economically speaking a "dead end" - it does not further employment or the public good.
What is particularly ugly are the social effects - envy and jealousy, social stratification which has little to do with merit or talent, and widescale loss of trust in employers and governments for the portion of work which does not go toward feeding, housing, and educating, but is rather tied up in such an economic dead end with its toxic effects on society.