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In the News

Videos on the looming Global Water Crisis

Graham Watson

22nd March 2023

Water is a scarce resource - at the current price, demand for water exceeds supply - and that's perhaps one of the biggest problems, water is often under-priced, if it priced at all, and in many parts of the world it's a common access resource that implies that it will be over-consumed and under-maintained.

Those of you with a solid grasp of economics might be able to recognise the underlying economic principles at play here, as the UN warns of a looming water crisis.

This World Economic Forum clip rather shifts the focus, away from the issue of scarcity, towards the central role that fresh water plays in fostering development.

These vox pops highlight the many different roles for water, and its importance to the planet. It's also interesting to note that we are falling short of meeting those water-related Sustainable Development goals.

The clip also highlights the role of proper pricing and property rights in ensuring that water is allocated efficiently.

The power of water to transform lives is shown by this World Bank clip highlighting how Bialla in Papua New Guinea has benefited from the arrival of clean water boosting school attendance, enhancing local health and developmental prospects. It really is that important.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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