Third, water is an input (factor of production) into both irrigated and rain-fed agriculture, and thus the economic value of water in agriculture depends on the market prices of food. Food shortages may arise for a variety of reasons, including natural disasters, floods, droughts, crop disease, and disruptions in global trade. If, for whatever reason, food is in short supply and food prices spike, the economic value of water increases. Economists typically estimate the economic value of water in agriculture during routine or normal conditions–not during a food shortage. Taking a static perspective on the economic value of water in agriculture before a food shortage occurs risks ignoring the issue that the State is most concerned about–ensuring that its citizens are fed. This is another version of the diamond-water paradox: during an extended drought, water supplies to agriculture can become extremely valuable (like diamonds) when they are needed to feed a country’s population.