Markets for Water: Time to Put the Myth to Rest?

Abstract

Many economists and others argue that the proper solution to water allocation is to allow markets to play the major role in reallocating water among users and in other aspects of water management. They argue that private property and markets are nearly painless means for resolving the increasing problems of water allocation, distribution, and preservation. Elsewhere I have argued at length against this conclusion. I summarize the reasons for these conclusions here.