Regional Aspects of Heritage Economics: Analytical and Policy Issues

This paper considers recent advances in the economics of cultural heritage that have relevance for regional analysis. Concepts of cultural capital, cultural value and culturally sustainable development are defined, and their implications for the evaluation of benefits and costs of heritage projects in a regional context are discussed, with particular reference to the evaluation of non-market benefits and costs. The recent Inquiry by the Australian Government's Productivity Commission into the policy framework for the conservation of Australia's built heritage places provides a useful illustration of the strengths and limitations of economic analysis applied to heritage policy; accordingly the paper discusses some regional implications of the findings and recommendations contained in the Inquiry's final Report.