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Rethinking the economics of water: an assessment

Author

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  • Dustin E Garrick
  • Michael Hanemann
  • Cameron Hepburn

Abstract

Water is rising on the policy agenda as population growth and climate change intensify scarcity, shocks, and access inequalities. The conventional economic policy recommendations—privatization, pricing, and property rights—have struggled due to a failure to account adequately for the politics of water and the associated distributional conflicts. We identify distinctive social and physical characteristics of water supply and demand, and explore their implications for three central areas of water policy: financing infrastructure, pricing, and property rights reform. Growing dependence on groundwater and non-networked water supplies exacerbates these challenges and reinforces the need to rethink the economics of water and tackle the political challenges head on. Meeting the water sustainable development goals would require institutional and technological innovations to supply, allocate, and manage water, as well as a sustained political and financial commitment to address those who might be left behind.

Suggested Citation

  • Dustin E Garrick & Michael Hanemann & Cameron Hepburn, 2020. "Rethinking the economics of water: an assessment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 36(1), pages 1-23.
    • Handle: RePEc:oup:oxford:v:36:y:2020:i:1:p:1-23.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grz035
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    Cited by:

    1. Jian Chang & Wanhua Li & Yaodong Zhou & Peng Zhang & Hengxin Zhang, 2022. "Impact of Public Service Quality on the Efficiency of the Water Industry: Evidence from 147 Cities in China," Sustainability, MDPI, vol. 14(22), pages 1-17, November.
    2. Buchs, Arnaud & Calvo-Mendieta, Iratxe & Petit, Olivier & Roman, Philippe, 2021. "Challenging the ecological economics of water: Social and political perspectives," Ecological Economics, Elsevier, vol. 190(C).
    3. Heinrich Zozmann & Alexander Morgan & Christian Klassert & Bernd Klauer & Erik Gawel, 2022. "Can Tanker Water Services Contribute to Sustainable Access to Water? A Systematic Review of Case Studies in Urban Areas," Sustainability, MDPI, vol. 14(17), pages 1-27, September.
    4. Azmat, Fara & Lim, Weng Marc & Moyeen, Abdul & Voola, Ranjit & Gupta, Girish, 2023. "Convergence of business, innovation, and sustainability at the tipping point of the sustainable development goals," Journal of Business Research, Elsevier, vol. 167(C).

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