Economics and Art Departments coordinate joint major

For many Emory University students, choosing a major can be stressful. With more than 80 options to choose from, undergraduates often feel pressure to choose a specific path for their academic and professional futures. There’s a new option on the horizon, however: the University’s Economics and Arts Departments are currently developing a joint major to explore the intersection of the two fields.  

Goodrich C. White Professor of Economics Hashem Dezhbakhsh has been heavily involved in developing the major and said that the departments plan to submit a formal proposal to the college within the next two years. For him, the major allows students to study both art valuation and investment.

“When somebody buys a very expensive painting, over time the painting can appreciate and the value can go up, so you can look at it as an investment,” Dezhbakhsh said. “Economists actually have significant expertise in determining value of assets.”

Department Chair and Professor of Economics Hugo Mialon said he and his colleagues began developing the major after advising first-year students facing a choice between studying economics and art. Mialon believes the new major will give students an edge in the job market by helping guide them into a career that fulfills both interests. 

“I thought that it would be interesting to develop a[n] academic path where the students could continue pursuing their passion, and at the same time cover some of the pressures that they feel from their family to have a well-earning career,” Mialon said. 

Mialon noted that an art specialization option under the economics major will come first before the two departments launch the new joint major. In the meantime, Emory is piloting a fall course co-taught by Associate Professor of Dance Lori Teague and Associate Teaching Professor of Economics Kelli Lanier titled  “Economics of Performing Arts.” 

The class will cover topics like the economics of the music industry and public support for the arts. Teague said that while the two departments may appear very different, there is an advantage to studying both topics together. According to Teague, many students are already artists, and this class will offer clearer insight into the creative process and the economic process behind it. 

“Artists can shift someone’s perspective in the world,” Teague said. “It might even shift how they vote or how they spend money.”

While the economics department has previously focused on cultural arts, Lanier intends to apply her background in behavioral economics to link consumer choices with the success of artistic works.

“One thing I like to tell students all the time is that once you learn the tools of economics, you can use them to study and learn about almost any topic that you might be interested in,” Lanier said. 

Beyond the “Economics of Performing Arts,” other courses are being developed, including courses on the economics of movies, as well as arts funding and valuation, according to Mialon. The joint courses are slated to include an economics and music class starting next August, co-developed by Associate Professor of Economics Ian McCarthy and another professor who has yet to be selected. The class will cover topics such as the incentives surrounding content creation and innovation, including how artists balance creative goals with the promotion of their art.  

McCarthy said he hopes blending economics with subjects students are already passionate about will help them absorb “highly marketable skills.”

“Economics in general creates a very strong foundation for almost anything you want to do outside of college,” McCarthy said. “Our hope is that we can leverage the passion that people have in these other art fields to blend in some economics.”