Water Science and Technology Vol 39 No 5 pp 17–23 © IWA Publishing 1999
Balancing: the economic approach to sustainable water management
J. B. Braden* and E. C. van Ierland**
*Office of the Provost and Department of Agricultural and Consumer Economics, University of Illinois, 1101 W. Peabody Drive Urbana, IL 61801 USA
**Department of Economics and Management, Wageningen Agricultural University, P.O. Box 8130 6700 EW Wageningen The Netherlands
ABSTRACT
The economic approach to the management of water resources and systems is one of balancing competing objectives. Economics provides a framework for weighing those objectives in determining how much of each to strive for based on concerns for current use as well as long-term sustainability. More importantly, economics provides insight into policies that promote sustainable development by virtue of aligning the incentives of individuals with the long-run interests of the community. This paper shows how economic principles can be applied to reinforce sustainable choices concerning water supply, waste water treatment, irrigation, and watershed management.
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