How is this anything other than self-flattery? It's also a huge moral hazard. Once one defines themselves as "morally superior" to a group of people it becomes easy to justify truly immoral behavior against them.
It seems the only thing this paper demonstrates is that both sides will invest in causes they believe in. It draws the conclusion that liberals support equality more because they support more institutions that talk about equality. How much those institutions actually contribute towards reducing inequality is not measured or discussed.