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Issues in Valuing Cultural and Heritage Capital in the National Accounts

Author

Listed:
  • Bakhshi, Hasan
  • Coyle, Diane
  • Lawton, Ricky

Abstract

Many cultural and heritage assets are not recorded in national accounts, yet the capital services they provide can create economic value. This paper discusses the challenges in trying to incorporate this ‘missing capital’, including the absence of market prices or exchange values for many cultural and heritage assets, the presence of externalities, and the need for sufficiently clear definitions and classifications. While consistency with the approach taken in the national accounts requires the use of exchange values for cultural and heritage capital, measuring its social value – as part of inclusive wealth in the ‘Beyond GDP agenda – requires the use of accounting or shadow prices.

Suggested Citation

  • Bakhshi, Hasan & Coyle, Diane & Lawton, Ricky, 2023. "Issues in Valuing Cultural and Heritage Capital in the National Accounts," Discussion Papers escoe-dp-2023-04, Economic Statistics Centre of Excellence.
    • Handle: RePEc:eoe:escoed:escoe-dp-2023-04
    as

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    File URL: https://www.repository-escoe.com/id/eprint/11/1/ESCoE%20DP%202023-04.pdf
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    References listed on IDEAS

    as
    1. World Bank, 2021. "The Changing Wealth of Nations 2021," World Bank Publications - Books, The World Bank Group, number 36400, October.
    2. Josh Martin, 2019. "Measuring the Other Half: New Measures of Intangible Investment from the ONS," National Institute Economic Review, National Institute of Economic and Social Research, vol. 249(1), pages 17-29, August.
    3. Martin, Josh, 2019. "Measuring the Other Half: New Measures of Intangible Investment from the ONS," National Institute Economic Review, National Institute of Economic and Social Research, vol. 249, pages 17-29, August.
    Full references (including those not matched with items on IDEAS)

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    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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