A couple in Gardendale, Ala., didn't know they had a water leak in their home for three weeks. That was just the beginning of their nightmare. Their utility, Birmingham Water Works, eventually sent them a nearly $20,000 water bill. Across the country, utilities are still deploying old-school meter readers to track water usage, despite technology that could both save time and detect leaks much faster.

On today's show, we talk to an economist on why utilities have been slow to adopt so-called smart meters and why it all comes down to economic incentives.