What is good architecture worth?

Posted by Gabriel Ahlfeldt & Paul Cheshire, SERC and LSE Economists, unlike cynics, do not know the price of everything – not by a long way. Certainly we do not know the price of good architecture. Apart from anything else identifying ‘good architecture’ is highly subjective. So to measure its price you have to make some brave assumptions about what it is and where to find it. And from an economic perspective the price is not the interesting issue. The interesting issue is: left to their own devices, would markets under or over provide ‘good architecture’? In the jargon, is there a problem of market failure?