Economics class video — Water: too precious to be just another commodity?
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The Economic Problem, Privatisation and Market Failure
Click to watch the short video below and then answer the questions:
Using the case study of water, describe what the economic problem is
What is privatisation and what were the arguments for privatising the water industry in the UK?
Given the information in the video, what market failures have arisen within the UK water industry?
Many have argued that the next major war will be fought over water resources. How likely is that claim given the information about new technologies at the end of the video?
Gavin Simpson and Pete Clift, Economics In Ten podcast