Water has an economic value in all its competing uses and should be recognised as an economic good.

Within this principle, it is vital to recognise first the basic right of all human beings to have access to clean water and sanitation at an affordable price.

Water has a value as an economic good as well as a social good.
Many past failures in water resources management are attributable to the fact that the full value of water has not been recognised and has led to wasteful and environmentally damaging uses of the resource.

Allocation
Treating water as an economic good is an important means for decision making on the allocation of water. This is particularly important when extending supply is no longer a feasible option.

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