There is an on-going campaign in Australia, illustrating the known, proven dangers of tobacco and vaping. Starting many years ago with increasing taxes on cigarettes, so that today packets of cancer sticks costs between $40 and $50 a pack.
I don't know how the price of vapes compares, or the extent to which vapes have just replaced cigarettes, especially among new smokers.
Also every packet by law must exhibit the following warning on their product.
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I think the warnings are a good idea, though mainly to deter new smokers. Established smokers just ignore them as best they can, I think.
I think what that does is fuel the black market.
If teens are allowed to smoke but are only held back by the prices, then there will always be actors who will fill that demand. And without an age law, you can't stop a teen from smoking black market products.
Unfortunately, that is exactly what has happened in Australia. The criminal underworld has made illegal cigarettes a core part of its business. Again, I'd have to go looking, but I suspect that a significant percentage of all cigarettes consumed in Australia these days are products sourced and sold illegally, so that they are not subject to the large government taxes on tobacco products.
At the same time, we've also seen a significant rise in all kinds of crime related to the illegal tobacco industry. The media refers to "tobacco wars" between rival criminal organisations who are vying for control of the illegal market. Firebombings of tobacco stores are now commonplace - presumably either because the owner refused to pay "protection money" to the crime gangs or (probably more often, I think) because the illegal tobacco merchant has been sourcing the tobacco from a rival gang. It's possible, also, that legal operators have arson committed against their shops to put them out of business, leaving the illegal suppliers as the main sellers in a particular area.
The upshot of all this is that it seems to me that nicotine addiction is not a problem that can be solved simply by increasing the price of tobacco products. Trying to solve it that way just creates a host of new problems.
The key is education, which is why I think compulsory warnings on packs are a good idea. I also approve of the current government advertising campaign that is using video ads on TV and social media to point out the effects of vaping to young people who have been duped into seeing it as "cool" by essentially the same marketing methods used to lure in cigarette smokers in ages past. The short and long-term negative health effects are emphasised.
There's no cure for stupid, of course. Tobacco products can't be effectively banned, and some young people are always going to be persuaded to take up the habit. There isn't one cure-all solution to the problem and there probably never will be. I think it is overly optimistic for a government/regulator to put all their eggs in one basket and assume that just one primary strategy is going to solve the problem, without having undesirable side-effects. That is certainly what we're currently seeing in Australia. Enforcement - ensuring that tobacco outlets only supply legal products - has also been lacking, as far as I am aware, so that's another obvious area ripe for improvement.
I personally think that legal tobacco products + lots of health education + a moderately high tax on the products is a better combined strategy than a legal tobacco at a high price + not very much education. Unfortunately, the Australian government seems to have opted for the latter strategy. They might now be rethinking things in light of the gang violence and criminal damage. I don't really know, without taking a deeper dive into this.