All Too Fiscal

In this economy? More like in this era.

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Taylor Swift’s Eras Tour has proven to be more than just a musical phenomenon–it was a full-fledged economic force. With an estimated $2.2 billion in gross profits, it stands as the highest-grossing tour in history. According to the U.S. Travel Association, the average concertgoer spent about $1,300 on travel, hotels, food and merchandise–putting fan spending on par with the Super Bowl. In total, TIME estimated the tour generated nearly $5 billion in consumer spending, reflecting how live entertainment ripples through local economies. From booming tourism to unexpected bead and sequin shortages, Swift’s tour has reshaped how cities and businesses experience major cultural events. At the University of Louisville College of Business, Associate Professor of Economics Elizabeth Munnich saw an opportunity to channel this real-world excitement into the classroom. Partnering with Marketing and Events Manager Donna Zinser Clark and the Center of Free Enterprise, the Swiftonomics Lunch and Learn Series was launched. This series blends learning and pop-culture, proving that economics can shimmer too.

College of Business: Can you tell us a little about your background?

Beth Munnich: I’m an applied microeconomist with research interests in healthcare and public policy. I teach undergraduate and MBA courses in statistics, health economics and social policy. My favorite part of teaching is finding ways to make the material more relatable to my students. I’m originally from Minneapolis, Minnesota, and I love living in Louisville with my husband and two daughters (ages 7 and 10)–though I do miss the snow!

College of Business: What inspired you to study economics?  

Beth Munnich: I was late to the game in terms of studying economics. I took [several] economics courses in college as part of my urban studies major, but it didn’t click until I took an urban economics class at the end of my junior year. And even then, I got a Master of Public Policy degree before pursuing my PhD in economics. I was drawn to the strategies economists use to think through problems and felt that I could use those tools to help inform policies that improve lives and communities.

College of Business: What are some of the challenges you’ve faced as a woman in economics?

Beth Munnich: It wasn’t easy getting used to being one of a few women–and sometimes the only woman–in a room, which is far too often the case in economic circles. I’ve benefitted a lot from great mentors, mentoring programs like the Committee for the Status of Women in the Economics Profession and colleagues who support and advocate for me.

College of Business: What inspired you to create this Lunch and Learn series?

Beth Munnich: We’re always looking for new ways to engage students with economics. I’ve been seeing Swiftonomics classes pop up around the country since the Eras tour in 2023 and always thought it would be fun to teach, but the content didn’t always align well with my existing courses. The St. Louis Federal Reserve Bank hosted a webinar about teaching Swiftonomics last summer, which Donna Zinser Clark at the Center for Free Enterprise and I had both seen. When we realized we were both passionate about Swiftonomics, we decided we had to do something to bring it to UofL! We were both genuinely excited to bring this idea to life and it all came together with the support of the Center for Free Enterprise and Donna’s amazing organizing skills. I think our students are hungry for opportunities to apply the material they’re learning outside the classroom and this is a fun and low-stakes way to do that.

College of Business: How do you see this Lunch and Learn series reaching and inspiring more women to study economics?  

Beth Munnich: Having people with different viewpoints is essential for a thriving economy and economics has fallen behind in this regard–even relative to STEM fields, where the share of students that are female has increased in recent years. [Suppose] women make up over half of undergraduates but only a third of economics majors. [In that case], we’re missing an opportunity to engage students in economics. This raises important questions about whether our content or teaching methods are truly resonating with all students.

Swiftonomics is open to everyone and recent polls show that nearly half of avid Taylor Swift fans are men. That said, this series has fostered a space where female students can connect and collaborate as we explore the strategies behind one of the most successful businesswomen of our time. By highlighting how Taylor Swift has built an empire through smart economic decisions, I hope to inspire more women to study and pursue careers in economics.

College of Business: What do you hope students take away from this series?  

Beth Munnich: I hope students see that economics is everywhere. It’s part of all the decisions we make and can go a long way in helping to explain the world around us.

College of Business: Why did you decide to host this event with the Center of Free Enterprise? How will this collaboration benefit the series?

Beth Munnich: [The] CFE provides students with valuable opportunities to explore economics and markets beyond the classroom, making the Swiftonomics Lunch & Learn series a natural fit with their mission and programming. With a strong track record of hosting engaging events, CFE brought its expertise to this collaboration. Donna Zinser Clark is a seasoned event planner and a proud Swiftie. This partnership allowed me to focus on the economics content. At the same time, Donna expertly handled the logistics, resulting in a meaningful and enjoyable event that celebrated Taylor Swift in every detail.

College of Business: How are you keeping the balance of fun and academic rigor?

Beth Munnich: One advantage of the Lunch and Learn sessions is that I don’t have to assign grades! Like all my classes, I begin by identifying the core takeaways I want students to leave with and build the session around those goals. Taylor Swift makes my job a lot easier–her lyrics and business decisions offer rich examples and intuitive connections to economic concepts, which makes the material more engaging and fun to teach.

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College of Business: When choosing the concepts to cover, what guided your decision-making?

Beth Munnich: I began by identifying what I think are core ideas in economics, looking for those that best connected with themes in Taylor Swift’s work. I also listened to a lot of Taylor Swift, a purely academic exercise, of course, to identify songs and specific lyrics that conveyed economic ideas particularly well. Throughout the process, I drew on a wealth of insightful resources on teaching Swiftonomics from faculty across the country and the St. Louis Fed.

College of Business: Looking back, which topics have sparked the most interest or discussion in your classes?

Beth Munnich: Students love talking about Taylor Swift’s innovative approaches to releasing her albums and her newest album is no exception.

College of Business: Do you consider yourself to be a Swiftie now? Were you always one? Why?

Beth Munnich: I did not come into this as a Swiftie! I liked Taylor Swift’s music and had listened to a lot of it because my 10-year-old is a huge Swiftie. I also had a lot of respect [for] Taylor Swift as an entrepreneur and was fascinated by some of her business strategies, like slow ticketing and offering limited releases of music and merch. But I’ve really been drawn into her work these last couple of months as I’ve listened more closely to her music for economics examples and spent more time learning more about her economic impact. So, yes, I guess I consider myself a Swiftie now!

College of Business: If you had to pick one Taylor Swift Era to describe this series, what would it be and why?  

Beth Munnich: Reputation! With the release of that album, Taylor Swift not only reinvented her musical style but also transformed her marketing and distribution strategies. She introduced innovative approaches, like slow ticketing and dynamic pricing, to her concert sales–tactics rooted in economic thinking. Through the Swiftonomics Lunch and Learn series, we’re offering students a fresh and engaging narrative for exploring economics in action.

College of Business: How do you respond to those who see studying Taylor Swift in an academic setting as not serious enough?  

Beth Munnich: Taylor Swift stands out as an exceptionally successful entrepreneur, having built her career using innovative business strategies rooted in sound economic principles. Her journey offers a compelling case study for applying theories and models to real-world scenarios. This is a great opportunity to explore a variety of topics in an engaging and fun way.

Ready for your next era? Whether you are ready to shake it off and start fresh or build your own billion-dollar brand, the University of Louisville can help you master the economics behind the music. Learn more at https://business.louisville.edu/academics-programs/undergraduate-programs/economics/ 

About the UofL College of Business:

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