Architectural Heritage as an Economic Asset: Supply Side Sustainability Approach

By Izabella Parowicz.

Published by The Sustainability Collection

Format Price
Article: Print $US10.00
Article: Electronic $US5.00

Architectural heritage is generally perceived by the public at large as a valuable asset, worth preserving mainly because of its historic, cultural and aesthetic features. The costs of maintenance of monuments are however very high and the resources available are usually inadequate. Gaining necessary financial means is, as a rule, very difficult for those responsible for heritage preservation as well as for monument owners. It is therefore important to involve economists in discussions regarding heritage preservation.
For an economist, architectural heritage is simply an economic asset, subject to demand and supply. The particular nature of monuments makes it necessary to explain in detail how they can be viewed as marketable goods (and carriers of various heritage related service). Furthermore, who are the suppliers to or customers of these monuments or their derived services and what is the role of these individuals? This paper deals with the above issues: Its main aim is to explain the interdependence occurring between the supply of and demand for architectural monuments and the implications resulting from this interdependence for sustainable heritage preservation.

Keywords: Economics of Cultural Heritage, Sustainable Approach, Demand, Supply, Architectural Heritage

The International Journal of Environmental, Cultural, Economic and Social Sustainability, Volume 3, Issue 4, pp.199-204. Article: Print (Spiral Bound). Article: Electronic (PDF File; 497.694KB).

Dr Izabella Parowicz

Chairperson, University of Malta, Malta

Izabella Parowicz's career has been in economics and management of cultural heritage. She studied Management at the University of Economics in Poznan, Poland and European Cultural Heritage at the European University Viadrina in Frankfurt (Oder), Germany. In the years 2004-2005 she was an intern at the Documentation Division & Conservation and Restoration Projects Management Office of Malta Centre for Restoration/Heritage Malta. Since 2003 she has been the Chairperson of the Dobro Kultury Foundation for Preservation of European Cultural Heritage in Slubice, Poland. In 2006, she defended her PhD thesis titled: Sustainable Funding: The Effectiveness of Financing Architectural Conservation in the European Perspective. She is currently a Marie Curie Fellow at the University of Malta (Faculty of Economics, Management and Accountancy, Tourism Unit). Her present research focuses on marketing of heritage conservation services.

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