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.
Education
Illinois Wesleyan University
BS
Economics
1992
University of Illinois at Chicago
MS
Economics
1994
University of Illinois at Chicago
PhD
Cultural Economics and Policy in Labor and Demography
1998
Areas of Expertise
Cultural Economics
Economics of the Arts
Economics of Sports
Economics of Religion
Urban and Real Estate Economics
Labor Economics
Economic Education
Publications
Selection models in the music industry: Comment
Journal 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 ...
The impact of government funding on private contributions to nonprofit performing arts organizations
Annals of Public and Cooperative Economics
2007-03-05
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 ...
As we countdown to the July 26 opening of the Olympic Games in Paris, we have two Goizueta Business School experts who can discuss the Olympics, including fandom, viewership, and the economics of the Paris Games.
Professor Mike Lewis studies fandom and has spent many years tracking how sports can stay relevant and lucrative across generations.
“While the Olympics is presented as a pure sports competition, it’s actually a unique sports entertainment event that leverages underpaid athletes and national identities to create one of the foremost sports-based advertising platforms.” His research on this year’s Olympics finds:
Viewership skews to an older audience with Baby Boomers showing the biggest fandom. The Games have an ongoing challenge to attract a younger audience. The Olympic broadcast will have to work hard to gain the attention of Gen Z and Millennials. Olympic fans are pretty even between genders, which is very different from typical sports fans that are more than 50% male. Check out his latest research:
And his latest podcast on the Games:
Professor Tom Smith studies the economics of sports. He can discuss:
The economic impact of the Games for Paris during what is usually a high tourist season. The economics of decisions by city leaders to repurpose current facilities, landscape and architecture for the Paris games. What other cities can learn from the Paris games. Both Tom and Mike are available to speak with media about the upcoming Olympic Games simply click on either expert's icon now to arrange an interview today.
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1 min
It's going to be a busy week in America when it comes to politics.
And if you're covering we have experts who can help with any of your questions or stories.
Tom Smith Professor in the Practice of Finance Professor Smith is an expert in labor economics, entertainment and healthcare economics, as well as real estate and urban economies. David Schweidel Professor of Marketing Professor Schweidel has been closely researching the impact of AI in society, especially elections. He can speak on the impact AI is expected to have in this year’s elections. Professor Schweidel also has extensive work in election marketing. He researched negative campaign advertising and if a negative tone has a positive impact on election results. Ramnath Chellappa Professor of Information Systems & Operations Management Professor Chellappa is available to discuss the economics of information security and privacy. He can also discuss the economics and impact of AI. Raymond Hill Professor Emeritus Hill is available to discuss any issues on the economy related to energy. If you are looking to arrange an interview simply click any of the listed expert's icons to set up a time today or email Kim Speece for assistance.
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3 min
The holidays are the difference between operating in the red and operating in the black for many retail businesses. The Goizueta Business School has experts who can provide insight and expertise on a wide range of stories.
Economics of the Holiday Season Economist Tom Smith can discuss seasonal hiring, retail expectations, and the importance of the holiday season to retailers.
Black Friday Doug Bowman can discuss retail expectations and the importance of the holiday season to retailers. He expects this year shoppers will go to fewer stores and not travel long distances, delivery capacity will be an issue, and work from home/school purchases will be hot.
AI Changing How We Shop David Schweidel can discuss how new AI tools are changing how we shop and how brands are using AI to reach prospective customers.
Product Reviews See Huge Increases: How Reviews Impact Holiday Shopping
What do reviews mean for the shopping experience and do reviews impact purchase? Reshma Shah can discuss the impact reviews have on the point of purchase.
Product Returns Marat Ibragimov can discuss the retail strategy and impact of holiday gift returns, comparing online returns to brick and mortar.
Food and Travel Pricing Saloni Firasta Vastani can discuss the cost of this year’s holiday dinners. What’s gone up and what’s gone down? She can also discuss the cost of travel this holiday season and what consumers can do to get a better deal.
Avoiding Holiday Overspend Rohan Ganduri can discuss how holiday shopping can expose consumers to credit products like store credit cards that offer various incentives to take up the credit card, often resulting in overspending. Ganduri can discuss his latest research paper on how taking up store credit cards can impact consumers’ future credit outcomes.
Social Media & Advertising David Schweidel can discuss how micro influencers work, how using product placement can cut through the advertising clutter, and the power of product reviews.
The Constantly Changing Online Retail Experience Styling videos, personal shoppers, messaging, and even Augmented Reality (AR) are being used to generate purchases. Doug Bowman can discuss how stores are reimagining the shopping experience to attract customers in person and online.
Influencers Influencing Our Purchases How are creators impacting the economy and are influencers impacting our purchasing decisions? Marina Cooley looks at the creator economy and how TikTok and Instagram are impacting our holiday wish lists and what it takes for a product to go from unknown to trending. She can also discuss how this holiday season will help normalize in-app TikTok shopping (something Instagram has struggled to execute on).
How to Attract Customers to the Store this Holiday: Merging Online and In-person Experiences May be the Answer Shopping looks different and it is up to retailers to stand out not just in the brick and mortar world but also online. The success of a business can balance on the customer experience. Reshma Shah can discuss the policies brick and mortar retailers need to have in place to successfully merge online shopping and the in-person shopping experience.
To book your expert interview, call Kim Speece at (404) 849-6579 or email her at kim@leffassociates.com or simply click on the icon available.
To find an expert on a specific topic, click the “Search” feature at https://goizueta.emory.edu/faculty/profiles. To check out other recent research, visit https://www.emorybusiness.com/faculty-research/.
In the News
A record amount of Americans are quitting their jobs due to pandemic burnout
CBS Evening News online
2021-10-22
"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'?
11Alive online
2021-09-15
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
Nasdaq online
2021-09-01
“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
2021-08-13
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?
Nasdaq online
2021-07-23
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
2021-05-06
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
2021-04-23
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
NewsNation online
2021-04-22
“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.
“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
2018-10-24
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
WABE radio
2016-09-02
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
Time online
2015-07-22
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
2015-07-08
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.
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
2014-10-21
"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
2014-08-26
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.”
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.
"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."
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.
"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."
17,000 AT&T workers have been on strike for three weeks. Here's why.
NPR online
2024-09-05
About 17,000 AT&T workers in the southeast are still on strike after the Communications Workers of America union withdrew from negotiations over a new contract. Internet service technicians, customer service representatives, and thousands of other workers in nine states—Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, and Tennessee—walked off the job after contract talks stalled last month.
No more checkout lines? Kroger tests smart carts that let you scan items as you shop
Miami Herald online
2021-01-21
Kroger is experimenting with a new way to save customer’s time, make trips to the grocery store more convenient, and potentially eliminate the need for checkout lines. The KroGO shopping cart comes equipped with a checkout screen, allowing shoppers to scan items as they browse — and even weigh produce.
How much is an early presidential primary worth? Georgia hopes $1 billion
NBC news online
2023-04-13
Early presidential nominating contests have given states like Iowa and New Hampshire prestige, national attention and outsize political importance — but how much is that actually worth? While White House hopefuls and the swarm of reporters covering them spend millions during primary season, the promises candidates make to win over voters can be worth much more, as evidenced by support for federal ethanol rules that have created a guaranteed market for Iowa corn farmers. Georgia, a battleground state, now has an opportunity to reap those kinds of economic benefits.
Q&A: All Star Game Pullout Has $50M to $150M Impact on Georgia, Emory Prof Says | Georgia Public Broadcasting
Georgia Public Broadcasting online
2021-04-07
In the days following the passage of Georgia's controversial new elections law, the Major League Baseball All-Star Game has relocated to Colorado and boycotts are being discussed for major Georgia corporations including Coca-Cola, Home Depot, and Delta. GPB's Sarah Rose spoke with Emory economics professor Tom Smith about the impact boycotts could have on the state and those working here.
Georgia becomes top 10 exporter state as manufacturing rebounds
AJC.com online
2021-02-22
As the pandemic hit, orders dropped at Winton Machine in Suwanee, chilled by confusion and uncertainty. The 23-year-old maker of fabrication equipment — machines that make tubular parts for other machines — has buyers ranging from the corporate like General Electric to the military like the U.
Business could be on the precipice of an automation explosion | Fortune
Fortune online
2021-01-17
Automation is hardly a new threat to workers. Long before the arrival of COVID-19 disrupted businesses, many manufacturing executives were already changing how their companies assembled products, and other industries were considering following suit.
Playbook PM: Case ‘close’: Biden downplays leak significance - POLITICO
Politico online
2023-04-13
Playbook PM: Case ‘close’: Biden downplays leak significance By GARRETT ROSS 04/13/2023 12:58 PM EDT Presented by New details are spilling out on the source of the massive leak of classified Pentagon documents. In a major seven-bylined report, NYT scoops that the “leader of a small online gaming chat group where a trove of classified U.
Inflation Drives Up Cost of Easter Dinner in the U.S. (VIDEO)
Scripps News online
2022-04-17
Inflation is continuing to drive up food prices at the grocery store, and that means your Easter dinner might have cost you more this year. The Easter ham many Americans will be cooking is up 14%, and many other staples, like flour and butter, are up in price as well.
A new study from professor Tom Smith at Emory University's Goizueta Business School finds that Georgia’s position as fourth in the presidential primary lineup could have a sizable economic impact on the state.He says in the most likely scenario, which includes 11 Republican candidates and 1 Democratic candidate, he estimates an early presidential primary in Georgia could generate $1.12 billion and create more than 10,000 jobs.$220 million of the overall projected gains and over 2,200 jobs come from direct economic benefit to the state’s economy as a result of campaign spending, wages earned, and new tax revenue. The impact would be spread across the entire state.Over $900 million of the overall projected gains and 8,700 of the estimated jobs come in the form of potential ‘rewards’ for Georgia by a current candidate or future president who campaigned early in our state. The majority of this impact would be felt outside of the Metro Atlanta region.
Many of the big tech companies are announcing layoffs at the same time job numbers are at an all-time high. What is happening in the tech sector and is this a leveling off of previous over-hiring? What does this mean for the economy? Goizueta professor, economist, and labor market expert Tom Smith is available to discuss.
