According to the European Landscape Convention, landscape is “an area, as perceived by people, whose character is the result of the action and interaction of natural and/or human factors”. The convention mentions the links between economics and landscape, but the fact is that its implementation has often been more oriented towards environmental and perceptive issues, in part due to the difficulties to quantify and relate the multiple actions on landscapes with a concrete impact of each action overall. There are methods to compute the Gross Domestic Product, but it is complex to evaluate the worth of a landscape in a given configuration and by itself (and not just as a simple addition of the value of the present activities), which would be needed to evaluate the impact of a given project.
Sure, you can say that a sustainable development must focus on all three dimensions (social, environmental and economic), and that economic calculation by no means guarantees a better policy or a coherent portrayal of reality. You can even say that creating an algorithm is just a way to have people tamper it to their own benefit.
Despite all that, some have gone down that way. Tiziano Tempesta evaluates the Italian case: “the landscape policies in Italy are currently essentially based on landscape transformation control and on the payment of subsidies to farmers. Since the landscape policies have a cost for citizens, in both cases it is necessary to evaluate the benefits coming from public intervention”. There are no definitive conclusions, or magic algorithms, but some interesting thoughts on the matter.