Tom Smith is considered a specialist in the areas of labor economics, pricing, film finance, sports economics and finance, and the economics of the entertainment and health care industries. Described as a “jack of all trades and master of them all,” he’s one of Goizueta Business School’s most sought-after experts. Tom brings his research on micro- and macro-economics into the classroom; considered timely and insightful, his perspective has been published by local outlets and international publications alike, including Time. He regularly appears as a financial expert on television and radio – CNN, NPR, and The Huffington Post to name a few – and is frequently quoted in the press regarding trends in unemployment, inflation, trade, and economics-driven topics. An energetic and enthusiastic professor, Tom eschews narrow definitions of leadership. Through forging genuine connections with participants, Tom helps them expand their thinking and develop a more holistic approach to business that, in turn, enhances their approach to leadership and results in greater success.
Smith holds a PhD in economics from the University of Illinois at Chicago.
University of Illinois at Chicago: PhD, Cultural Economics and Policy in Labor and Demography 1998
University of Illinois at Chicago: MS, Economics 1994
Illinois Wesleyan University: BS, Economics 1992
Areas of Expertise (7)
Economics of the Arts
Economics of Sports
Economics of Religion
Urban and Real Estate Economics
The impact of government funding on private contributions to nonprofit performing arts organizationsAnnals of Public and Cooperative Economics
2007 This paper tests the crowding-out hypothesis for a balanced panel of nonprofit performing arts organizations between 1998 and 2003. This research uses a number of model specifications and estimating techniques to appropriately capture the ...
Selection models in the music industry: CommentJournal of Cultural Economics
2007 In an earlier volume of this journal, Andrea Ordanini (2006) examines the extent to which the selection into the music industry—direct or agency—impacts an artist's success in the Italian music charts. The selection model is considered 'direct' if the musician (or band) signs ...
In the News (22)
A record amount of Americans are quitting their jobs due to pandemic burnout
CBS Evening News online
"Done with a cubicle. I'm done commuting. I'm done sitting in an office," said professor Tom Smith, who studies the pandemic's labor market trends at Emory University's business school in Atlanta. When asked why he thought people were making the leap now, Smith said, "Maybe the looking at the craziness in the eye and coming out on the other end made people reevaluate how much risk is actually involved."
Why are so many people leaving their jobs during 'The Great Resignation'?
Tom Smith of Emory’s Goizueta Business School said many have used the pandemic as a time to reflect. “Some people are thinking they don’t need the rat race,” said Smith. “They don’t need to get up at 6 a.m. and deal with Atlanta traffic, drive an hour to sit in a cubical.” With all of the changes brought on by the pandemic, workers believe there are job opportunities waiting elsewhere.
The Great Resignation Could See Half the Nation's Workers Changing Jobs
“It's time to re-evaluate compensation and work environment,” says Tom Smith, a professor at the Goizueta Business School at Emory University. “If your workforce is hesitant to get back into the office then perhaps it's time to implement a flex schedule. Employees have a lot of choice right now. … Workers are looking for flexibility - and companies that are willing and able to provide that flexibility will have a better path going forward to attract and retain the best employees.”
How the new Georgia census data will shape the future of the state's politics
CBS46 News online
Emory University Professor Tom Smith believes it will impact most politicians. “Marjorie Taylor Green’s district vs. Lucy McBath, I mean the way those districts are drawn may be slightly modified due to how the population is presenting itself inside of Georgia,” Smith said.
How is the Delta Variant Affecting the Return to the Office?
Still, say experts, that likely won’t put an end to the push to reopen businesses. But it could slow things down some. “This is not an emergency break action, just a tapping of the brakes,” says Tom Smith, associate professor in the Practice of Finance at Emory University’s Goizueta Business School.
Georgia governor to sign bill allowing college athletes to be paid
News Nation tv
College athletes in Georgia could start making money next season. Gov. Brian Kemp is scheduled to sign HB 617 Thursday, allowing student-athletes to be paid if their name, image or likeness is used.
Unemployment, job growth show signs of improvement following a historic year
FOX 5 online
Tom Smith has decades under his belt as an economist and he says even for him, the last year or so has been quite unpredictable. Smith is a finance professor at Emory's Goizueta Business School. "It's the first time in recent history we've had such a global disruption to supply chains, markets, and the way that consumers are thinking about goods and services," Smith said.
US unemployment claims fall to 547,000, another pandemic low
“At any other time if we had seen you know 500,000 plus people filing for unemployment claims we’d say that’s insane that’s crazy that’s just too huge of a number,” said Emory University finance professor Dr. Tom Smith. He stressed though that the number is encouraging, but the larger picture still shows concern. “Our labor force participation rates haven’t increased and so we have to be careful with any kind of long run trend prediction,” stated Smith.
Georgia’s New Voting Laws
NBC LX tv
Featuring Tom Smith
Voting rights groups have an ally in the fight against GOP voter suppression
Featuring Tom Smith
Amazon headquarters decision: It’s not Atlanta
“I am very disappointed,” said economist Thomas Smith of Emory University. “If your kid doesn’t get into Harvard, do you say, ‘Well, at least we won’t have all those expenses.’” Still, metro Atlanta’s economic future is bright, he said. “We’ve still got some juice.”
Atlanta returns $1.3 million in unspent workforce development money
The Atlanta-Journal Constiution online
The skill sets of those who can use workforce training can vary greatly, said Tom Smith, a finance professor and economist at Emory University’s Goizueta Business School. In some cases, Smith said, potential workers have to be trained about how to write a resume, interview, dress for work or respond to superiors. In other cases, the training can be job-specific, such as teaching database entry or welding. He said the training can help anticipate areas where jobs may be going away, to prepare workers for the positions that will replace the ones they have.
Want To Buy A House, Atlanta? Here’s Minimum Income To Do So
But economist Tom Smith with Emory’s Goizueta Business School says: this change is good. Or, more accurately, it’s neither good nor bad. It simply indicates the economy re-balancing itself after the recession. Just after the housing market bubble collapsed, he says, metro Atlanta saw a typical pattern: “Rental rates start to climb, and the mortgage that you’d be required to have a house, would start to fall. Then they catch back up once the economy starts going in a good direction, and I think that’s what you’re seeing here, as well.” He adds that when it comes to costs of living, a snapshot like this survey shouldn’t be mistaken for the big picture. “Look at the cost of gasoline. Look at the average number of minutes commuting to or from your job to see how we fare, in terms of our overall standard of living, not just the rental costs or the mortgage costs.”
How to Solve the Gender Wage Gap in International Soccer
As I watched the Women’s World Cup final recently with my family, my 11-year-old son, who plays on a local soccer team, remarked that he was amazed at how quickly and how often the U.S. team scored. “Seriously, Dad, teams don’t just score like that in soccer.” Of course, he was right. The match set a record for most combined goals scored in a FIFA final for either men or women. It’s that level of action and excitement that made the game the most-watched soccer event in U.S. history.
Greece, like Wahlberg in The Gambler, just needs a friend — and a new currency
The Conversation online
On Sunday, the citizens of Greece voted No on the country’s referendum to accept a package of money in exchange for further austerity measures. Now what? Every armchair economist from Iowa to the Aegean Sea has an answer and opinion, including, as it happens, me. Although I’m an actual economist, I’m thinking about the events of Greece as they relate to the plot of a recent movie, The Gambler, starring Mark Wahlberg. It occurred to me that Greece is just like Wahlberg’s character Jim Bennett.
Unemployment and Jobs
GPB Media radio
Lies, damn lies, and statistics. Tom Smith, of Emory’s Business School, discusses the seemingly contradictory report on Georgia’s unemployment rate, after more than 23,000 new jobs were created in November.
Fewer jobs in September keeps state jobless rate up
Atlanta (WXIA) tv
"Unemployment stats reveal quite a bit about the economy and is one of the key indicators of what's happening in the economy," said Smith of Emory's Goizueta Business School. "No single statistic ever tells the whole story." Dr. Smith added. Deal has pointed to job creation statistics. Since Deal became governor, state data shows Georgia created more than 283,000 new jobs . But the loss of 2800 jobs in September kept the state's unemployment rate on the ugly side, Smith said. Democrat Jason Carter, who is running against Deal, called the jobless rate "absolutely unacceptable."
GOP Senate Candidate David Perdue: ‘Don’t Worry About That Unemployment Number’
The Huffington Post online
In a recent interview with WXIA in Atlanta, Emory University labor economist Tom Smith also explained that the unemployment rate may stay high even if more jobs are created. “If you have growth in the number of job opportunities, sometimes this can bring people out of the woodwork,” said Smith. “So people who were not in the labor force enter into the labor force. And as a result you can have upticks in the unemployment rate as your economy is starting to take off.”
Replacement refs bad business for NFL?
On the other side of the coin, sports economy experts like Dr. Thomas Smith of Emory University see Goodell as someone just doing his job. He says the commissioner shouldn't be judged by either this lockout or the previous player lockout.
'Moneyball' for football? Not likely
ATLANTA (WXIA) tv
"Unlike baseball, in football you can win from the defense, and you can score points from the defense," said Emory Economics professor Thomas Smith. "Unlike baseball, football has special teams; and so what happens is you have way too many moving parts to try and dissect it... to try and break it down to an atomic level that's really easy to manage. It's very difficult to piece together a winning team the way that the Oakland A's did."
American Economy is Better Than You Think
Emory University tv
Despite the poor job-creation numbers and rise in unemployment, the American economy is actually growing. Goizueta Business School at Emory University Labor and Finance expert Tom Smith says you need to look at the overall trends rather than month-to-month.
Money for Roads not Reducing Unemployment
CBS News online
"As a policy tool for creating jobs, this doesn't seem to have much bite," said Emory University economist Thomas Smith, who supported the stimulus and reviewed AP's analysis. "In terms of creating jobs, it doesn't seem like it's created very many. It may well be employing lots of people but those two things are very different."