ECONOMICS UNIQUENESS

ECONOMIC VALUATION OF CULTURAL HERITAGE ■ 79
In recent years, this phenomenon has resulted in a wealth of studies on so-called
crowding eff ects (Neuts and Nijkamp 2011b).
It is noteworthy that the socioeconomic and historic-artistic value of a cultural
good is a multidimensional or compound indicator that cannot easily be reduced
to one common denominator—as measured by monetary metrics. In fact, we
are—from a planning viewpoint—much more interested in the “complex social
value” of cultural resources (Fusco Girard 1987). Th is implies that the meaning of
historic and cultural resources is not, in the fi rst place, dependent on these assets’
absolute quantities, but on their constituent qualitative attributes or features such
as age, uniqueness, historical meaning, visual beauty, physical condition, and
artistic value. For instance, cities such as Venice, Florence, Siena, or Padua would
never have received international recognition, and even acclaim, without the
presence of intangible values inherent in their tangle of cultural heritage assets as
markers of their unique history, which imbue them with a sense of place.
Th e previous observations have to be interpreted against the background of
rapid changes in urbanization patterns. With the advent of the 21st century as the
urban century, the preservation and management of historic-cultural footprints
endowed from the past has become a great concern and a challenge. Th e Bank’s
urban and local government strategy (World Bank 2009) highlights many of these
trends and challenges, such as megacity and secondary-city development, persistent
poverty in urban areas, dysfunctional land markets, slum development, and
the need for new fi nancial instruments. Th e persistent urbanization trends put
severe stress on cultural heritage conservation strategies. Historic city cores house
a wealth of architectural and cultural-physical assets that defi ne their local identity.
What is Rome without its Forum Romano, Campidoglio, and the Coliseum;
Berlin without its Brandenburg Gate; New York without its Statue of Liberty, but
also Rockefeller Center, Fift h Avenue, and Central Park; Moscow without its
Kremlin and the Bolshoi theater; or Beijing without its Forbidden City? Worldwide,
thousands of such ensembles of fi ne cultural heritage assets have become
icons of international tourism and magnets for those seeking to experience past
lifestyles and arts. A recent UNESCO document (UNESCO 2010) recommends
that following issues be addressed in management of historic cities:
• System of values and meaning of historic city cores;
• Defi nition of historic urban landscape;
• Management of change;
• Sustainable social and economic development; and
• Updated tools for urban development management and historic city core
conservation.
Th is chapter attempts to investigate and review economic valuation methods
for highlighting the socioeconomic value of cultural heritage against the