Extensive magnum opus not needed, actually.
The evil rich guy that homesteads the water charges a price high enough to keep it from being used on stupid things, thereby allocating the water to the most important uses.
How else are scarce resources allocated and reserved. No one complains about the oil running out, they complain about it being expensive. We would use MORE, but we can't afford it. We only use oil when we can justify the price. The evil rich guys in the mid east conserve and properly allocate the oil as a byproduct of their GREED. Think about it.
"I do not add 'within the limits of the law,' because law is often but the tyrant's will, and always so when it violates the right of an individual."
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