Hoarding incentives
Prof. Becker disagrees with Judge Posner’s belief that obesity is partially a problem of consumer ignorance of the decreasing quality of food over the past thirty years. This ignorance leads to a discount rate on future health that is higher than it “should” be. Prof. Becker supposes instead that the rise of medical treatments for conditions such as high cholesterol have given people less incentive to lead healthy lives. I think it is clear that either of these are consistent with recent trends toward higher levels obesity, but it seems that Prof. Becker’s explanation does not agree with the higher rates of obesity among those with lower incomes and less education. Posner’s belief, however, does accord with these higher rates.
Still, I wonder if it isn’t something more rooted in psychology. Maybe those with the fewest resources have high discount rates not because they lack information, but because the uncertainty of the future makes it foolish to say no to cheap calories today. I don’t think this has to be conscious; it could be a behavior that leads to better chances of survival in an environment where famine could start at any time.