Urban planning in historic cities frequently encounters a conflict between developers wishing to maximise economic return from development strategies and heritage professionals who are concerned about the impacts of such development on the cultural values of the city. In this presentation I will discuss the concept of heritage-led investment as a means of resolving this dilemma. This concept involves formulating a strategy of investment in heritage projects as a core element in balancing economic, social and cultural impacts from urban renewal. If well targeted, these projects can stimulate further investment from both public and private sources. I will outline the methodologies that are useful in assessing heritage-led development strategies, and illustrate their application to a typical case, the rehabilitation of the historic city of Jeddah in Saudi Arabia.

Lecture was held during the 6th Heritage Forum of Central Europe.

David Throsby – Professor of Economics, Macquarie University, Sydney, Australia Distinguished Professor of Economics at Macquarie University in Sydney, Australia. He holds a Master’s degree from the University of Sydney and a PhD from the London School of Economics. He is internationally recognised for his research and writing on the economics of art and culture. His current research interests include heritage economics, the creative industries, the economic circumstances of creative artists, culture in sustainable economic development, and the relationships between economic and cultural policy. His recent books include Economics and Culture (2001), which has been translated into eight languages, and The Economics of Cultural Policy (2010), both published by Cambridge University Press.