The percentage of Americans who are obese has doubled since 1980. Most attempts to explain this "obesity epidemic" have been found inadequate, including the "Big Two" (the increased availability of inexpensive food and the decline of physical exertion). This article explores the possibility that the obesity epidemic is substantially due to growing insecurity, stress, and a sense of powerlessness in modern society where high-sugar and high-fat foods are increasingly omnipresent. Those suffering these conditions may suffer less control over other domains of their lives. Insecurity and stress have been found to increase the desire for high-fat and high-sugar foods. After exploring the evidence of a link between stress and obesity, the increasing pace of capitalism's creative destruction and its generation of greater insecurity and stress are addressed. The article ends with reflections on how epidemic obesity is symptomatic of a social mistake-the seeking of maximum efficiency and economic growth even in societies where the fundamental problem of material security has been solved.

Bottles of water vary in price with some priced as if they were bottles of fine wine. This article attempts to explain price differences between over 100 bottled waters included in a guidebook to fine waters by drawing on the hedonic pricing approach, which has been used to try to explain price differences among bottles of wine. As part of that approach, the price of each bottled water is regressed against various characteristics, including those related to its water. Water-related characteristics explain only a small part of the price differences among the bottled waters. Thus, to a large extent, the premium that consumers pay for a more expensive bottled water does not seem to be a premium for its water. (JEL Classifications: C21, Q25)

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To test whether consumers can distinguish among different bottled waters and, if so, whether they prefer some to others, we recruited more than 100 subjects to participate in a blind taste test that consisted of four brands of bottled water featured in a restaurant's water menu and a guidebook to fine waters. The tasting involved three successive experiments. First, our subjects tried to distinguish bottled waters in a sensory discrimination test. They were only slightly better than random chance at doing so. Next, they rated bottled waters and tap water on a 14-point scale used at an international water competition. Some subjects preferred the inexpensive tap water to any of the bottled waters, and there was no association or a weak negative association between a bottled water's price and its rating. Finally, our subjects tried to distinguish tap from bottled water while matching the bottled waters to expert descriptions. They were no better than random chance at doing either of those things. Similar results have been found in previous taste tests of beer and wine. Overall, our results suggest consumers do not have strong preferences over different bottled waters to the extent they can even tell a difference. (JEL Classifications: D12, Q25)

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