Economic activities in Mazandaran province have been focused on agricultural and ranch products for a long time. Farmers have always exploited water resources for their activities, but after the collapse of the traditional system, capital absorption, and changing the direction of investment, aiming a new type of production has been formed alongside this traditional method, which is based on gaining profit. The purpose of this research is to investigate and explain the role of investment growth in agriculture leading to instability in water resources in Mazandaran province. Using Schneiberg’s Treadmill of production theory, this study aims to respond to this basic question: “Why has the growth of investment in agriculture caused the instability of water resources in Mazandaran province?” In this research, a quantitative method and secondary data analysis strategy, as well as a comparative research method have been employed. The results of the study showed that investment in the main inputs of agricultural production and agricultural processing and services industries have been increased, and simultaneously, the amount of aquifers consumption in this province has increased from 791 million cubic meters in 2010 to 1377 million cubic meters in 2019. In addition, the results of the study indicate the growth in polluting water resources in Mazandaran. Overall, the results of the present study reveal that growth of investment affects the instability of water resources and therefore, Schneiberg's Production Cycle Theory is confirmed.
