The ethical issue discussed in the debate context consist the fact that although water is a basic human need, clean water comes at a price. Companies supply water with the intent of acquiring profit. The creation of a water market is not an equitable, sustainable, and just use of water systems.
According to Dr. Hoffman, water is like any other economic good for which there is a supply and demand and a pricing mechanism that puts the two in equilibrium. Market pricing is key to enabling the forces that allow the efficient allocation of the resource. Market prices convey a great deal of information, information concerning incentives, efficiency, and allocational considerations. Furthermore, the pricing of water based on its actual market value is also critical in resolving the issues associated with its allocation among competing for beneficial uses. Dr. Hoffman also asserted that the signals and incentives contained in pricing water based on its market values also enable the process of recycling, reuse, and conversation that are central to achieving sustainable water use.
On the other hand, Dr. Vandana claims that in a volatile world, there is no such thing as a reliable market price since the world is driven by greed and profits, with no social regulation. She argues that all cultures view water as the basis of life, and its marketization allows it to be perceived as a commodity. The human relationship with the ecology of water can sustain water supplies. Therefore, we need to focus our thinking on water cycles rather than water markets.
Although water is a vital resource to human life, the facilitation of its collection and supply is capital intensive. Therefore, it is just to price water. However, the market value should reflect the actual cost of managing sustainable water systems.
Pricing of water based on the accurate reflection of the true cost of water supply is ethical in that it represents equality. A community should contribute equally towards the utilization of a common resource. This form of ethical perspective is derived from the Christian values.
