We’ve all learned it in school, or just as a lesson in life… the more people want something, the greater it costs. It applies to everything, from food, to clothing, to real estate and fuel, to top-level positions and even leisure time. It’s the law of supply and demand. It’s a universal rule. Everything is dictated by it; nothing can rise above it. Or CAN something?
What about water? Does supply and demand apply? Overall demand is higher than ever and continues to climb, yet the average price per gallon of water is about a penny. How can something everyone needs, something so many goods, processes, and industries depend on, remain so untouched by the rule of low supply + high-demand = higher cost?
After reading this very thought-provoking article, What is Water Worth, I’ve considered a few “water dynamics” that could be contributing to this phenomenon:
- Water is too crucial to life to be ruled by supply and demand.
- Water is too integrated into everything: it must remain affordable.
- Too many people are watching out for water supply and integrity. From government, to businesses, to water companies and ecological causes, water availability is a “special interest” across the board, around the world.
In economic theory, the extremely low cost of goods or services points to one loud and clear conclusion: people simply don’t value something as overtly as they should. That’s why the mission of the Value of Water Coalition is so important. The coalition’s aim is to educate the public on the importance of clean, safe, and reliable water to and from every home and community, and to help ensure quality water service for future generations.
Because of all the things water is to us as individuals, businesses and society, no one wants it to cost its true value. After all, if that was the case, who could afford it? The hopeful news is that there will be greater understanding of the real value of water in your daily life, and recognition of what is being done to keep it at such a reasonable cost.
Water is being reconsidered as the single most important commodity in the world, something to be treasured, and respected. And so, there are more innovations than ever, more creative minds on the crisis to formulate the solutions. Everyone just needs to keep working together to address the water crisis… to keep water flowing, available and affordable to meet the world’s demands.