… Many experts are calling for a collective reframing of water as a scarce and essential common good. … Extraction rights and pricing systems that fail to account for the hidden effects (or ‘externalities’) that come from using this common good lead to inefficient consumption and can direct water-intensive activities to regions that are already water-stressed. … Better pricing through targeted water-use taxes and subsidies could help to manage demand, improve access and support more sustainable use. For example, chip manufacturers like Intel and TSMC have invested in building semiconductor factories (or ‘fabs’) in Arizona – a state known for its dry climate. … Better pricing could have given these companies the incentives to locate their facilitates in more water-abundant regions, easing pressure on Arizona’s water system.