The origin of this book requires explanation—cultural heritage and
economics sound like strange bedfellows.
In 1970 Alan Peacock, then on leave as a Research Professor in Public
Finance at the Einaudi Foundation, Turin, used to walk to his office
along the Via Lagrange, named after the mathematician, Luigi
Lagrange, whose ‘undetermined multiplier’ is a well-known feature in
texts on mathematical economics. After passing and bowing to the
statue of the great man, he would soon pass a decrepit-looking palazzo
which boasted a large shield in shabby condition, it being just possible
to decipher the name, Cavour. Enquiry confirmed that the palazzo had
been the home of this famous figure in Italian history. Alan was
shocked at its neglect, particularly as, close at hand, there was a splendid
carefully kept building adjoining the main square, on which was a
beautiful shield commemorating the vinicultural achievements of Signor
Carpano, the inventor of vermouth. On reaching his office, Alan
wrote an article, carefully drafted so as not to give offence to his host
country, using this contrast in the shields’ condition to argue for some
form of public intervention to preserve the past in the interests of
present as much as future generations. He feared that he might nevertheless
be accused of ingratitude and politely asked to leave the country,
particularly as the article appeared in La Stampa. Clearly he had
misread the Italian mind. One curious consequence of the article was
that the firm of Carpano wrote in some embarrassment to himfor they
actually owned the Palazzo Cavour, clearly believing that he knew this
already! As it happened, nothing was done, which was the general
expectation, although some kind of attempt has been made to rectify
matters now nearly 40 years later. Between times, Alan’s interest in
cultural economics extended to the production of one of the first
economic analyses of heritage policy given as the Keynes Lecture at
the British Academy in 1994.