Charles Gray

Full Professor, Finance

cmgray@stthomas.edu

(651) 962-4301

Minneapolis Campus
1000 LaSalle Ave
Terrence Murphy Hall 443M
Minneapolis, MN 55403

Ph.D., Economics, Washington University
A.M., Economics, Washington University
B.A., Social Science, Hendrix College

See my articles and publications

Mel Gray has been teaching economics, strategy and nonprofit management to undergraduate and M.B.A. students for more than 35 years. Previously, he was a staff economist at the Federal Reserve Banks of St. Louis and Minneapolis, and for a Minnesota state agency; he also served as executive director of a nonprofit community development agency. He has been a visiting or adjunct faculty member at Macalester College, Central Michigan University, and the Universities of Oslo, North Carolina, Minnesota, British Columbia and Rochester.

He received a B.A. in social science and math from Hendrix College, and his A.M. and Ph.D. in economics from Washington University in St. Louis. Gray's primary research interests are the nonprofit and creative sectors, especially social entrepreneurship and the nonprofit arts. He has authored or edited three books, including The Economics of Art and Culture with the late James Heilbrun (3rd ed. forthcoming), and his publications include numerous articles and book chapters. He is editor emeritus of Nonprofit Management and Leadership and is a past president of the Association for Cultural Economics, International.

Gray has been a consultant to the U.S. Department of Justice, the National Endowment for the Arts, the District of Columbia, several Minnesota state agencies and numerous companies, nonprofit organizations, law firms and trade associations.

Fall 2014 Courses
Fall 2014 Courses
Crs - Sec Title Days Time Location
GBEC 600 - 202 Econ of Org and Management - - W - - - - 1800 - 2100 TMH 348
Description of course Econ of Org and Management : CRN: 42742
Economic oncepts offer a foundation for understanding managerial decision making within an organizational context and the interactions of organizations in the marketplace. A broad range of topics and concepts will be integrated into lectures, discussions, and case analyses. Topics include: the theory of the firm, including principal - agent issues and incentive contracts; market (demand and supply) analysis, competitive dynamics and strategy implications, internal and external labor markets, decision making in risk-related environments, and government policies affecting management decisions. The emphasis on the U.S. and on market-based economies will be considered in a global context. Prerequisite: DSCI600 or OPMT 600

Schedule Details

Location Time Day(s)
GBEC 600 - 203 Econ of Org and Management See Details * *
Description of course Econ of Org and Management : CRN: 42743
Economic oncepts offer a foundation for understanding managerial decision making within an organizational context and the interactions of organizations in the marketplace. A broad range of topics and concepts will be integrated into lectures, discussions, and case analyses. Topics include: the theory of the firm, including principal - agent issues and incentive contracts; market (demand and supply) analysis, competitive dynamics and strategy implications, internal and external labor markets, decision making in risk-related environments, and government policies affecting management decisions. The emphasis on the U.S. and on market-based economies will be considered in a global context. Prerequisite: DSCI600 or OPMT 600

Schedule Details

Location Time Day(s)
MCH 1151300-170013 Sep '14
MCH 1151300-170004 Oct '14
MCH 1151300-170025 Oct '14
MCH 1151300-170015 Nov '14
MCH 1151300-170006 Dec '14
J-Term 2015 Courses
J-Term 2015 Courses
Crs - Sec Title Days Time Location
Spring 2015 Courses
Spring 2015 Courses
Crs - Sec Title Days Time Location
GBEC 600 - 202 Econ of Org and Management - - W - - - - 1800 - 2100
Description of course Econ of Org and Management : CRN: 21997
Economic oncepts offer a foundation for understanding managerial decision making within an organizational context and the interactions of organizations in the marketplace. A broad range of topics and concepts will be integrated into lectures, discussions, and case analyses. Topics include: the theory of the firm, including principal - agent issues and incentive contracts; market (demand and supply) analysis, competitive dynamics and strategy implications, internal and external labor markets, decision making in risk-related environments, and government policies affecting management decisions. The emphasis on the U.S. and on market-based economies will be considered in a global context. Prerequisite: DSCI600 or OPMT 600

Schedule Details

Location Time Day(s)
Academic and Professional Positions
  • FINC / Graduate Economics Adjunct Coordinator, University of St. Thomas, St. Paul / Minneapolis (2007 - present)
  • Adjunct Instructor, University of North Carolina - School of Government, Chapel Hill (2009 - present)
  • Professor, University of St. Thomas, St. Paul / Minneapolis (1992 - present)
  • Visiting Professor, University of Rochester - Simon School of Business and Eastman School of Music, Rochester (2002 - 2002)
  • Visiting Professor, University of North Carolina, Chapel Hill (1993 - 1994)
  • Associate Professor with tenure, University of St. Thomas, St. Paul / Minneapolis (1984 - 1992)
  • Visiting Professor, University of British Columbia Department of Economics, Vancouver (1992 - 1992)
  • Assistant Professor, University of St. Thomas, St. Paul / Minneapolis (1979 - 1984)
  • Senior Research Analyst and Staff Economist, Minnesota Crime Control Planning Board (formerly Governor's Commission on Crime Prevention and Contr, St. Paul (1975 - 1979)
  • Adjunct Instructor, University of St. Thomas, St. Paul / Minneapolis (1976 - 1979)
  • Visiting Instructor, Macalester College, St. Paul (1974 - 1975)
  • Planning Coordinator, Co-CEO, Southside Community Enterprises, Minneapolis (1974 - 1975)
  • Visiting Instructor, Macalester College, St. Paul (1974 - 1975)
  • Economist, Federal Reserve Bank of Mpls, Minneapolis (1973 - 1974)
  • Instructor, Transylvania University, Lexington (1971 - 1973)
  • Regional Economist, Federal Reserve Bank of St. Louis, St. Louis (1969 - 1971)

Professional Memberships
  • American Economic Association
  • American Evaluations Association
  • Association for Cultural Economics
  • International Association for Art & Cultural Management
  • International Society for Third-Sector Research
  • Association for Research on Nonprofit Organizations and Voluntary Action

Professional Service
  • Midwest Center for Nonprofit Leadership,
  • Humanities of Netherlands Organisation for Scientific Research (the Dutch Research Council), Reviewer
  • National Center on Nonprofit Enterprise - Academic Advisory,

Public Service
  • Tubman Family Alliance - Strategic Planning, Committee Member

Major Works
  • Combs, K. L., & Gray, C. M. (2007). Managerial economics and organizational architecture 4th ed. McGraw-Hill
  • Combs, K. L., Gray, C. M., & Spry, J. A. (2007). Updated managerial economics and organizational architecture test bank. McGraw-Hill
  • Gray, C. M. (2007). Financing Nonprofits: Putting Theory into Practice. In Dennis Young (Ed.), Gifts in kind and other illiquid assets Ch 10 (pp. 227-241). AltaMira Press
  • Oster, S. M., Gray, C. M., & Weinberg, C. (2004). Effective Economic Decision Making by Nonprofit Organizations. In Dennis R. Young (Ed.), Pricing in the nonprofit sector Ch 2 (pp. 27-45). The Foundation Center
  • Gray, C. M. (2002). Handbook of Cultural Economics. In Ruth Towse (Ed.), Public Participation in the Arts. Edward Elgar
  • Gray, C. M., & Heilbrun, J. (2001). The economics of art and culture 2nd ed. Cambridge University Press
  • Gray, C. M. (1998). Hope for the future? Childhood exposure to the arts and adult visits to art museums. Journal of Cultural Economics, (22),
  • Gray, C. M., & Heilbrun, J. (1993). The economics of art and culture. Cambridge University Press

Research Interests
  • Economic Markets - Domestic
  • Governance
  • Public Finance
  • Nonprofit Management
  • Social Entrepreneurship

Awards and Honors
  • UST University Scholar award, 2004
  • UST University Scholar award,, 2003
  • UST University Scholar award,, 2002
  • UST University Scholar award,, 2001

Presentations
  • "Social entrepreneurship and hybrid organizations: Reconciling the economic and 'competing logics' perspectives" UMKC Social Entrepreneurship Conference, Kansas City, Missouri, May 01, 2014
  • "Sustainability and social entrepreneurship: Innovation, pro-activeness, risk-taking and organizational effectiveness" Minnesota Council of Nonprofits and Nonprofits Assistance Fund, Brooklyn Center, Minnesota, February 01, 2014
  • "The nonprofit performing arts and the good-news-bad-news business cycle: An exploratory study" ARNOVA - Association for Research on Nonprofit Organizations and Voluntary Action, November 01, 2013
  • "Toward a unified approach to social entre/intrapreneurship: Applying the economics paradigm" ARNOVA - Association for Research on Nonprofit Organizations and Voluntary Action, Hartford, Connecticut, November 01, 2013
  • "Scale and scope in social intrapreneurship: Case study of human service organization" on Nonprofit Competition and Public Policy Conference, Washington, District of Columbia, October 01, 2013
  • "Toward a unified approach to social entre/intrapreneurship: Applying the economics paradigm" Skoll Research Colloquium on Social Entrepreneurship, Oxford, United Kingdom, July 01, 2013
  • "Museum governance in the United States: An economic perspective" Museum Governance International Conference, Kaohsiung City, Taiwan, October 01, 2012
  • "New institutional economics and the lively arts: Narrative and exploratory case analysis" ISTR - International Society for Third Sector Research, Siena, Italy, July 01, 2012
  • "Organizational boundaries in the lively arts: Insights from a pilot case" International Society for Third Sector Research - ISTR, Siena, Italy, July 01, 2012
  • "Scale and scope in social intrapreneurship insights from a case study of nonprofit mergers" Skoll Research Symposium on Social Entrepreneurship, Oxford, UK, July 01, 2012
  • "The arts as a growth engine? Evidence from selected metropolitan areas" The Arts and Economic Development: A National Endowment for the Arts Research and Policy Forum, Washington, DC, May 01, 2012
  • "New institutional economics and the lively arts: Narrative and exploratory case analysis" Association for Research on Nonprofit Organizations and Voluntary Action, Toronto, Canada, November 01, 2011
  • "New institutional economics and the lively arts: Narrative and exploratory case analysis" International Association for Art and Cultural Management, Antwerp, Belgium, July 01, 2011
  • "Lawyer discipline and deterrence: Are ABA sanctions effective?" American Evaluation Association, San Antonio, Texas, November 01, 2010
  • "Budgetary dynamics, financial vulnerability, and organizational survival: A study of medium-size performing arts organizations in a metropolitan market" Association for Cultural Economics, Copenhagen, Denmark, June 01, 2010
  • "Lawyer discipline and deterrence: Are ABA sanctions effective?" ARNOVA Association for Research on Nonprofit Organization and Voluntary Action, Cleveland, Ohio, November 01, 2009
  • "The arts as a growth engine? Evidence from selected metropolitan areas" Case Western Reserve University, September 01, 2009
  • "Financing the performing arts: The U.S. case" International Seminar on Financing the Performing Arts, Bogotá, Colombia, March 01, 2008
  • "Scale, scope, and 'crowding out' in the nonprofit lively arts: Economic analysis of organizations in a geographic market" ARNOVA Association for Research on Nonprofit Organization and Voluntary Action, Atlanta, Georgia, November 01, 2007
  • "Indexing in the publishing value chain: A transactions cost approach" American Association of University Presses, Minneapolis, Minnesota, June 01, 2007
  • "Governance and management in the nonprofit arts: One economist's view" Association for Cultural Economics, International, Vienna, Austria, July 01, 2006
  • "Governance and Architecture in Medium Sized Lively Arts OrganizatioGovernance and architecture in medium sized lively arts organizationss" AIMAC International Association for Art & Cultural Management, Montreal, Canada, January 01, 2005
  • "Strategic pricing in the nonprofit arts: Case study of two orchestras" Biannual ACEI conference, Rotterdam, Netherlands, June 01, 2002
  • "Psychological and economic perspectives on work-family research, and implications for public and organizational policy" International Association for Business & Society, Paris, France, June 01, 1999