April, 2003
The question of heritage preservation is one that stress the importance of the natural and built environment . Here the initial insight that all share to greater or lesser degree is that the benefits (and on some cases burdens) of heritage issues is not fully captured in voluntary exchanges in open markets. There are too many people who like to look at natural and built wonders for us to think that a simple transaction between buyer and seller will register the full set of gains and losses from these transactions. This simple insight, however, raises as least as many questions as it answers.