The Monroe Street Journal

Issue date: 12/1/08 Section: Features

This data is interesting, however Jensen was a bit skeptical about the true relationship between these indexes. "There is certainly a correlation, but can we really say that artists cause economic growth? Are artists going to get paid more, now that their contribution to society has been acknowledged? Probably not."

And this is where the problem gets really interesting. There are some aspects of the art industry that simply don't allow for major productivity improvements-for example, only four people make up a string quartet. So productivity in the arts, in some ways, is still at levels it was at two hundred years ago.

There are a few different theories about this-with names like disease-cost and superstar. But the truth of the matter is that only a few artists are paid highly for their wok, and the rest are not because they are willing to work without getting paid. Artists love their work, and money is not the reason they work, so savvy dealers, managers, and consumers who realize the true value of art for the artists can often take advantage and pay a lower price.

At the conclusion of the discussion, the issue was still confused, however many ideas to improve education/support or find other constructions of the art industry like amateur artists rather than professionals, intrigued the audience.

Michael Jensen is an Associate Professor of Strategy at Ross, and is on the editorial boards of Academy of Management Journal, Administrative Science Quarterly, and Strategic Management Journal.

Arts Enterprise has been active on campus for over a year and its membership has grown significantly. Their goals are to enrich the arts and business communities in Ann Arbor, improve the business acumen of members, and develop leadership skills through arts based learning. They put on a variety of events including speaker series like the event detailed here, "Beyond Talent" career-building workshops at Ross, the School of Music, the School of Art and Design, and sponsor performances around Ann Arbor.

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