Since 1977, the real return to a diversified portfolio of modern prints has averaged about 1.5 percent, about equal to that on U.S. Treasury Bills.
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.
The 19th and early 20th century efforts to preserve patriotic landmarks in this country represented not so much shared memory as an attempt to write history.
I want scrutinize a few of the more common assumptions deployed in preserving buildings and places. They relate to citizenship, aesthetics, environmentalism, and the cultivation of a politics of locality.