Charles Gray

Professor, Finance

(651) 962-4301

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

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

See publications in UST Research Online

Mel Gray has been teaching economics, strategy and nonprofit management to undergraduate and MBA students for more than 35 years. Previously, he was a staff economist at the Federal Reserve Banks of St. Louis and Minneapolis, as well as for a Minnesota state agency. In addition, he served as executive director of a nonprofit community development agency. Gray 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 an A.M. and Ph.D. in economics from Washington University in St. Louis.

Gray's primary research interests are the nonprofit and creative sectors, particularly social entrepreneurship and the nonprofit arts. He authored or edited three books, including The Economics of Art and Culture with the late James Heilbrun (third edition 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 served as a consultant to the U.S. Department of Justice, the National Endowment for the Arts, the District of Columbia, several Minnesota state and local agencies and numerous companies, nonprofit organizations, law firms and trade associations.

Summer 2016 Courses
Summer 2016 Courses
Crs - Sec Title Days Time Location
Fall 2016 Courses
Fall 2016 Courses
Crs - Sec Title Days Time Location
GBEC 600 - 111 Econ of Org and Management M - W - - - - 1015 - 1145 SCH 315
Description of course Econ of Org and Management : CRN: 43072
Economic concepts 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 625 - 203 Managerial Economics See Details * *
Description of course Managerial Economics : CRN: 43076
This course focuses on the application of microeconomic tools and concepts to business decision-making. Every organization faces numerous decisions. Every decision-maker faces limits of money, resources, technology, and information. Optimal decisions must balance the marginal benefits of a decision with the decision’s marginal costs. The tool of constrained optimization is applied to cost minimization, output maximization, and profit maximization. Concepts covered include: optimal output volume; demand analysis and estimation; production and cost; market structure and strategic positioning; and optimal pricing strategies.
Schedule Details
Location Time Day(s)
-- - - - - - -
SCH 3151730-213027 Oct '16
SCH 3151730-213017 Nov '16
SCH 3151730-213015 Dec '16
J-Term 2017 Courses
J-Term 2017 Courses
Crs - Sec Title Days Time Location
Academic and Professional Positions
  • Professor, University of St. Thomas, St. Paul / Minneapolis (1992 - present)
  • Adjunct Professor, University of North Carolina - School of Government, Chapel Hill (2009 - 2011)
  • Visiting Professor, University of Rochester - Simon School of Business and Eastman School of Music, Rochester (2002 - 2002)
  • Visiting Professor, University of North Carolina - MPA Program, 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)
  • Director, Center for Faculty Development, University of St. Thomas, Saint Paul / Minneapolis (1987 - 1990)
  • Assistant Professor, University of St. Thomas, St. Paul / Minneapolis (1979 - 1984)
  • Adjunct Instructor, University of St. Thomas, St. Paul / Minneapolis (1976 - 1979)
  • Senior Research Analyst and Staff Economist, Minnesota Crime Control Planning Board (formerly Governor's Commission on Crime Prevention & Control, St. Paul (1975 - 1979)
  • Visiting Instructor, Macalester College, St. Paul (1975 - 1976)
  • Planning Coordinator, Co-CEO, Southside Community Enterprises, Minneapolis (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 Evaluation Association
  • Association for Cultural Economics, International
  • Association for Research on Nonprofit Organizations and Voluntary Action
  • International Association for Art & Cultural Management
  • International Society for Third-Sector Research
  • Social Impact Analysts Association/Social Return on Investment Network
  • Society for Benefit - Cost Analysis

Professional Service
  • American Evaluation Association, Reviewer
  • Midwest Center for Nonprofit Leadership,
  • National Center on Nonprofit Enterprise - Academic Advisory Committee,
  • National Center on Nonprofit Enterprise,
  • Nonprofit Academic Centers Council, Reviewer
  • Nonprofit Policy Forum, Reviewer
  • Nonprofit and Voluntary Sector Quarterly, Reviewer

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

  • 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., Gray, V., & Williams, B. (1981). Federalism, policy, and innovation in corrections. Policies Studies Review, (1), pp. 288-297
  • Gray, C. M., Conover, C., & Hennessey, T. (1978). Cost effectiveness of residential community corrections: An analytical prototype. Evaluation Quarterly,

Books and Chapters
  • 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., & 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,, 2001
  • UST University Scholar award,, 2002
  • UST University Scholar award,, 2003

  • "Mission, strategy, and impact assessment." Nonprofit Governance Conference, Kansas City, Missouri, April 01, 2015
  • "Forcing the Twain to meet? Toward an economic understanding of hybrid organizations." ARNOVA - Association for Research on Nonprofit Organizations and Voluntary Action, Denver, Colorado, November 01, 2014
  • "Governance and architecture in arts organizations: A case study of the Minnesota Orchestra" Social Theory, Politics, and the Arts Conference, Ottawa, Canada, October 01, 2014
  • "Social entrepreneurship and hybrid organizations: Reconciling the economic and 'competing logics' perspectives" UMKC Social Entrepreneurship Conference, Kansas City, Missouri, May 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
  • "Lawyer discipline and deterrence: Are ABA sanctions effective?" ARNOVA Association for Research on Nonprofit Organization and Voluntary Action, Cleveland, Ohio, November 01, 2009
  • "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
  • "Governance and architecture in medium sized lively arts organizations" AIMAC International Association for Art & Cultural Management, Montreal, Canada, January 01, 2005