This paper seeks to clarify the understanding of value in the cultural context, using economics concepts. We develop an economic framework for thinking about value in the cultural context and discuss how well various valuation techniques are able to account for such values.
We also discuss why actual outcomes for the production of cultural and heritage services may differ from what would be considered ‘optimal’ in the economic context.
The aim is to outline a framework which can assist policy makers in the cultural sector to intervene more cost effectively and be more conscious of trade-offs amongst different cultural values.