Water Trading, Transaction Costs and Transboundary Governance in the Western US and Australia
Chapter 6: Systemic risks, polycentric responses: performance, principles and practices
Even though federal and state policy fosters the export of agricultural commodities, Western water law generally inhibits trade in the water used to grow the commodities. States should open up the market by eliminating or streamlining legal barriers that effectively block transfers of water. . .The Western water crisis is basically an imbalance between supply and demand. Opening water resources to trade has the potential to reduce the imbalance by rewarding water conservation, ensuring that water goes toward the highest-value and most-efficient uses, and providing the financial tools to mitigate fluctuations in water availability. (Robert Glennon and Gary Libecap, 2014, Wall Street Journal)
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