Proposed Methodological Framework for Assessing the Economic Value of Heritage Town and Local Economic Phenomena

Abstract

A historic town centers local economic activities and has a significant concentration of heritage structures. Such a place or historic core generally has a definite identity—a distinct townscape character worthy of preservation. It has been proven through several studies that cultural heritage has value and the ability to be a significant component of community development, provided it is properly maintained. This chapter aims to identify the prime movers of the heritage economy and utilize the potential of heritage towns to retain and enhance the role of heritage in its stakeholders' social and economic lives. Based on an extensive systematic literature review, the role of entrepreneurship in the heritage economy and various parameters that contribute to the economic assessment of heritage towns are explored. The proposed methodological framework contributes to identifying techniques for assessing the economic value of heritage towns for local economic development.