ABSTRACT
This chapter considers the various roles of heritage within economic development strategies at various spatial scales. Any analysis of the economics of heritage immediately confronts the consequences of the fundamental paradox outlined above, namely that economic motives were of secondary importance in the creation of heritage and of primary importance in its maintenance. The value that we place on heritage, and therefore the nature of the demand for its products and experiences, is more complex than that for most goods and services in that demand cannot be equated only with direct consumption. Heritage acquires value in a number of different ways, a factor which in turn determines how this value can be measured through price. The relationship between the costs of investment in heritage and its return may seem similar to any other form of investment.
