Because we undervalue our precious water resource, we tend to overuse it and, in fact, abuse it. The apparent abundance of water is deceptive, and the capacity of our lakes and rivers – and even of the oceans – to purify the wastes we dump into them is much more limited than we once thought it was. There is a price for it: billions and billions of dollars to clean up or prevent pollution. It is becoming abundantly clear that water is not a free good. Sooner or later it presents us with a bill: the price of neglect. In many cases we pay less than the actual cost of processing and delivery. For example, irrigation water charges only recover about 10% of the actual costs of the service. The same is true, to a less extreme extent, for water costs to householders.