For those of us living in the West, it’s a no-brainer that water is more valuable than gold. But if it’s so valuable then why isn’t it trading in a similar fashion to gold? Short answer: a maze of institutional barriers.
PERC and Hoover Institution fellow Gary Libecap gets to the heart of the matter in “Water Woes.” In Libecap’s words, “The West’s water policy is a minefield in which policymakers and politicians are inclined to step gingerly–or not at all.” But because the demand for water is growing at an extraordinary rate, and because supply is short for a number of reasons, “the path of least resistance is no longer an option.”
(photo credit: Al_HikesAZ)