Astute observations from the EconLog blog:
Now, lots of people find the rich tasteless–and perhaps with good reason. This happens very frequently to intellectuals, who (they think) have better taste than most people. To be fair, intellectuals find the great unwashed pretty tasteless too. In the Anticapitalist Mentality, Ludwig von Mises argued that they very often misinterpret capitalism for being responsible for the low taste of the masses, and thus become inveterate critics of the market system: “Capitalism could render the masses so prosperous that they buy books and magazines. But it could not imbue them with the discernment of Maecenas or Can Grande della Scala. It is not the fault of capitalism that the common man does not appreciate uncommon books.”
Those who criticize the low taste of the poor do not maintain that the poor do not deserve the money they make: but they criticize capitalism for brainwashing them to spend it on culturally worthless items (as “the poor” tend to prefer the collected works of Stan Lee to Marcel Proust). Those who criticize the low tastes of the rich do instead maintain they do not deserve the money they had, and they criticize capitalism for rewarding culturally worthless people.
I’d say this is an argument that has very little to do with “redistribution and inequality”, unless you believe redistribution should work from the tasteless to the tasteful. I am sure that Tamara Ecclestone’s wedding cake didn’t bake itself, that her new luxury Range Rover SUV did not assemble itself, and that “her large house in Kensington Palace Garden” did not refit itself either. The profligate spending by Tamara is a great opportunity for many to make their living. Her largess in using her freedom to choose, helps others in making use of their “freedom to be chosen”–i.e., it enables them to provide services, make money, grow their kids, buy a little nice summer house, and choose between spending a night at the opera or watching “A Night at the Opera”.
Personally, I’d go for watching the latter’s brilliant movie comedy the Marx brothers. That’s my low-brow side coming out.
My only caveat is about the final paragraph where the author defends the rich their spending by saying that this creates employment. I can see how a socialist/other might say that if we grab this money and redistribute it, this might also create jobs, etc. By all means point out how money circulates, but remember that utilitarian/consequentialist arguments for capitalism can get unstuck at times. In the end, if Lady Vulgar wants to spend her gazillions on flash cars, houses or whatnot, that is her business. End of story.