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|
Chairperson, University of Malta, Malta
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