Christos Makridis — Behind the Economics of Arts and Culture

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What happens when rigorous economic research meets the world of classical music? Prepare to have your assumptions challenged as Soula Parassidis interviews economist Christos Makridis about his groundbreaking research quantifying the true value of arts and culture in our communities.
With seven degrees (including two PhDs from Stanford) and over 80 published academic papers, Christos brings unprecedented analytical rigor to questions the arts sector has long struggled to answer quantitatively. How much do people actually value living near theaters and cultural venues? The answer, according to his research using sophisticated "hedonic pricing" models: thousands of dollars per year. By analyzing housing market data and controlling for numerous variables, Christos demonstrates that proximity to arts amenities significantly impacts where people choose to live and how much they'll pay for that privilege.
The conversation delves into practical applications for arts organizations seeking to demonstrate their value to potential donors and communities. Drawing on Nobel Prize-winning econometric frameworks, Christos outlines specific strategies theaters can implement to improve operational efficiency, create data-driven forecasting models, and establish meaningful metrics that prove their impact. These approaches don't necessarily require expensive consultants—sometimes just skilled data analysis using publicly available information.
Beyond the numbers, Christos shares a deeply personal perspective on why classical music matters: its physiological impact on listeners and its role in human flourishing and civilization. "What we put into our soul matters even more arguably than what we put into our body," he notes, explaining how his research extends to exploring connections between operatic voices and neural pathways.
For artists questioning their path, his message is clear and hopeful: your work has quantifiable value, there are allies in unexpected places, and every hour invested in your craft contributes to something larger than yourself. Listen now to discover how data can tell the story of why arts matter in ways we've never before been able to measure.

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The Behind the Curtain Podcast is hosted by Soprano Soula Parassidis and Tenor Norman Reinhardt. Follow Living Opera on Instagram, Facebook, YouTube, Twitter, and Website.
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