The paper shows how economic theory and public policy analysis can illuminate decision-making relating to cultural heritage. We argue that from an economic viewpoint the appropriate conceptualisation of heritage is as a capital asset. Regarding heritage as cultural capital invites consideration of sustainability aspects, in parallel with the treatment of natural capital in economic theory, allowing us to derive a sustainability rule for cultural capital accumulation. The application of cost-benefit analysis to heritage investment appraisal is discussed, with particular reference to the assessment of non-market benefits. Turning to policy issues, we examine ways in which governments intervene in heritage markets, with particular attention to listing and other forms of regulation. Questions of institutional design, financing and policy delivery in a multi-jurisdictional framework are discussed, and finally the role of the private sector is considered, with emphasis on the possibility of crowding out and the incentive effects of public policy on private behaviour in the heritage field.

Cultural heritage: economic analysis and public policy

RIZZO I.;
2006-01-01

Abstract

The paper shows how economic theory and public policy analysis can illuminate decision-making relating to cultural heritage. We argue that from an economic viewpoint the appropriate conceptualisation of heritage is as a capital asset. Regarding heritage as cultural capital invites consideration of sustainability aspects, in parallel with the treatment of natural capital in economic theory, allowing us to derive a sustainability rule for cultural capital accumulation. The application of cost-benefit analysis to heritage investment appraisal is discussed, with particular reference to the assessment of non-market benefits. Turning to policy issues, we examine ways in which governments intervene in heritage markets, with particular attention to listing and other forms of regulation. Questions of institutional design, financing and policy delivery in a multi-jurisdictional framework are discussed, and finally the role of the private sector is considered, with emphasis on the possibility of crowding out and the incentive effects of public policy on private behaviour in the heritage field.
2006
978-0-444-50870-6
File in questo prodotto:
File Dimensione Formato  
Part10 Ch.28 Cultural heritage.pdf

solo gestori archivio

Tipologia: Versione Editoriale (PDF)
Licenza: NON PUBBLICO - Accesso privato/ristretto
Dimensione 233.4 kB
Formato Adobe PDF
233.4 kB Adobe PDF   Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/20.500.11769/59707
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 98
  • ???jsp.display-item.citation.isi??? ND
social impact