WATCH: How your quality of life is directly linked to your economic freedom

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[Tony Makara]

Wealth, or even a basic standard-of-living, for most people, including those in the developed world, is entirely dependent on access to credit, which provides a transient form of wealth distribution. Once the credit system breaks down we see that most people living in advanced economies are little better off than those struggling to survive in more backward regions. Access to Credit, rather than social reform, has allowed people to live beyond their means, but the situation in Greece, and to a lesser degree here in the U.K., is proof that Credit is no panacea, and that once the Credit runs out, very few of us can claim to have ever had, genuine wealth.

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It does not follow that because we do not subsidize smoking, we should not regulate unhealthy activities. Costs and savings are not the only variable. The fact that obesity creates costs is merely an additional reason to regulate it, not the only one. The main reason is its danger to an individual.