Interpreting heritage as cultural capital has a clear parallel with the definition of environment as natural capital.
Economic valuation of heritage investment evolved from methods traditionally
used in environmental economics.
The hedonic price method, widely used in urban economics, is emerging
as a better tool for evaluating heritage-related investments.
Cultural projects contribute to urban livability, attracting talent, and providing an
enabling environment for job creation. It also provide unemployed unskilled labor the jobs via tourism, associated FDI, managerial and spillover effect in the peripheral area via knowledge based firms investments/business.
Development is by nature a joint public and private effort. Historic city Core, heritage development and under utilized land use require adaptive reuse aka balanced conservation
Cultural Heritage has 3 aspects of value assessment
1. Market value measured with 5 different approaches likes cost and revenue analysis, social cost benefit analysis, using rational expectations via revealed and stated preferences, travel cost analysis and hedonic value analysis( information change in properties/real state values of local area especially via geographical information system)
2. Non market value/non use-value. It is of three kind’s like that natural capital value analysis. Existence value of heritage, option value of that heritage and bequest/legacy value for intergenerational concerns.
3. Cultural value. It is multidimensional and includes aesthetic, symbolic, spiritual, social, religious and traditional etc. aspects. It includes tangible cultural value natural as well as manmade, intangible value like traditions/production methods etc.
In recent years, a new form of investment, known as impact investment funds, has emerged in the market. Th e impact investment funds are designed as a socially responsible investment not driven exclusively by profit and generally targeted toward addressing heritage, environmental, and social issues. Impact investment is defined as actively placing capital in businesses and funds that generate social or environmental good and a range of returns to the investor.
The progress of any given economy is a creative merger of its physical and spiritual forces; the application of the total economism paradigm is misleading economic thought into a societal impasse. Value preferences and priorities do matter for all human economic action; only human ingenuity can help to circumvent physical constraints of economic systems.
@jan H Jansen
what is significance of role of cutural capital in environment-Gdp sustainability
I am not expert in this interesting subject and issue but assume that:
Implies that the GDP per capita growth in many countries do not necessarily indicate sustainability !
i do agree with dear maam @Parisa.
Sustainablity is a broader term and not mere the GDP. the theme of discussion is also to highlight environmental and cultural aspects into limelight
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