This book presents a detailed picture of the evolutionary processes
at work in water markets with a particular focus on theory and
practice in Australia. Policymakers are striving to strike a
balance between the pros and cons of a property rights/market based
approach to the allocation of water resources, as opposed to an
approach that centres on government regulation. The current
movement in Australia is toward the use of markets, and numerous
reforms are either underway or under consideration in that
direction. This provides an ideal opportunity to observe the
factors at play in determining the balance and hence the mix of
policy instruments at work. The distinguished contributors offer a
range of perspectives - economic, legal, environmental - and
combine conceptual analysis with evidence from real policy
decisions. Policymakers and governmental advisers will find this
book timely and extremely relevant to making decisions on what is
arguably the world's most critical natural resource. The Evolution
of Markets for Water will also be of great interest to academics
and students with an interest in natural resource economics, law
and management.
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