[marktwain]

“Can’t eat money.
Farmers turn Corn into ethanol, Water into profit...
The prophecies of idolizing the golden cow, has arrived.”

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Can’t eat money, but it can buy alternate foods or crops that don’t need valuable irrigation water. As food prices rise, the value of irrigation water will rise. It may not rise enough so that expensive water on expensive land in California can compete with dry farming in Kansas or Argentina, but it might.

The market is much more efficient at determining the best use of resources than the government.

[Uri’el-2012]

The market is much more efficient at determining the best use of resources than the government.

The water was stolen from Colorado through the force of government !

[JasonC]

Xactly. Let corn and wheat be grown in Ohio and Kansas, and less rice in southern CA. The water saved in southern CA is paid for by urban users, who pay a bit more for bread as well as a water bill. But don't have the water use restrictions they face now. If they'd rather use less water for lower food prices, they are free to not buy more water. The whole point of trading is to have shortages fall where they hurt least. That there are shortages and scarcity can't be changed, but how much they hurt sure can be.