Cultural Heritage: Economic Analysis and Public Policy
Ilde Rizzo and
David Throsby
Chapter 28 in Handbook of the Economics of Art and Culture, 2006, vol. 1, pp 983-1016 from Elsevier
Abstract:
This chapter 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.
JEL-codes: Z19 (search for similar items in EconPapers)
Date: 2006
ISBN: 0-444-50870-8
References: Add references at CitEc
Citations: View citations in EconPapers (35)
Downloads: (external link)
http://www.sciencedirect.com/science/article/B7P5G ... e0284fdfc536089d2c73
Full text for ScienceDirect subscribers only
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:artchp:1-28
Access Statistics for this chapter
More chapters in Handbook of the Economics of Art and Culture from Elsevier
Bibliographic data for series maintained by Catherine Liu ().