An analysis on the economic value of water

Survival instinct of human beings largely depends on availability of natural resources in adequate amounts and sufficient quality. However, people mostly prefer to destroy these fundamental resources instead of spinning the wheel continuously in a sustainable way. Undoubtedly, water which is main source of life is the most threatened resource in this process. Human practices for growth and development make the situation worse and cause water scarcity when associated with climate change, pollution, ever-increasing population and demand for meeting hunger (not for the poor, but for the rich). It is well known that economics is a science interested in allocation of scarce resources against unlimited needs and desires. Hence, water should be managed in accordance with its economic value. This study aims to present economic value of water in all its aspects and to provide policies for sustainable integrated management of water resources. Historical dialectic perspective for value of water, threats to water and economic instruments which generally give the value of water resources are examined in this study. Also, prominent international considerations about water resources are given. Moreover, current conditions of water resources in terms of both availability and scarcity are analyzed to raise awareness for protection and efficient use of these resources. In this respect, this study contributes to create an original literature for Turkey. Keywords: Value of water, Economic value, Economic instruments, Integrated water management, Water scarcity.