|Died||3 December 1944 83)(aged|
|Institution||University of Illinois|
|Alma mater|| University of Wisconsin–Madison |
Johns Hopkins University
|Richard T. Ely|
David Kinley (2 August 1861 – 3 December 1944) was a Scotland-born economist who worked in the United States. He was head of the department of economics of the University of Illinois and later president of the University. As an economist, he was of the classical school, and his main interest was in money and banking. Administration gradually took up most of his time as his career progressed.
Kinley was born in Dundee, Scotland. He emigrated to the United States with his family in 1872. He received his early education at Phillips Andover Academy in Andover, Massachusetts and from there went to Yale University where he graduated in 1884. He then became principal of North Andover High School for six years. In 1890, he left to do graduate work at Johns Hopkins University, primarily under Richard Ely. He accompanied Ely to the University of Wisconsin where he received his Ph.D. in 1893.
That same year, he became assistant professor of economics at the University of Illinois. In 1894, he was appointed full professor, head of the department of economics and dean of the college of literature and arts. Later he became dean of the graduate school. He was head of the department of economics until 1915.
Along with his responsibilities as dean, he directed the "Training for Business" courses which he organized into a college of commerce and business administration. He became vice-president of the University of Illinois, then acting president, and finally, in 1920, president.
He served with the Illinois Industrial Insurance Company (1906-7) and the Illinois Tax Commission (1910 and 1930). He was an envoy on the governments behalf to various international conferences, and was a member of numerous committees. As a classical economist, in his presidential address of 1914 JSTOR 1827701 before the American Economic Association he expressed his concern that once government involved itself in attempting to control economic activity, the ruling classes would move to other spheres of human endeavor, religion and politics for example.
His publications include The Independent Treasury of the United States, his doctoral dissertation (1893), and a report to the Comptroller of the Currency on The Use of Credit Paper in Our Currency, published in the Report of the Comptroller for the year 1896. In 1904, he wrote "Money". Following the Panic of 1907, he continued his work for the Comptroller with two monographs prepared at the request of a national monetary commission: "The Independent Treasury of the United States and Its Relation to the Banks of the Country" and "The Use of Credit Instruments in Payments in the United States." Kinley published his autobiography with University of Illinois Press in 1949.
He married Kate Ruth Neal in 1897. She died in 1931 in Hong Kong while accompanying Kinley on a professional trip.
James Tobin was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known Tobit model.
The Bland–Allison Act, also referred to as the Grand Bland Plan of 1878, was an act of United States Congress requiring the U.S. Treasury to buy a certain amount of silver and put it into circulation as silver dollars. Though the bill was vetoed by President Rutherford B. Hayes, the Congress overrode Hayes's veto on February 28, 1878 to enact the law.
The Panic of 1893 was a serious economic depression in the United States that began in 1893 and ended in 1897. It deeply affected every sector of the economy, and produced political upheaval that led to the realigning election of 1896 and the presidency of William McKinley.
Bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them.
The American School, also known as the National System, represents three different yet related constructs in politics, policy and philosophy. It was the American policy from the 1790s to the 1970s, waxing and waning in actual degrees and details of implementation. Historian Michael Lind describes it as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas.
Hugh McCulloch, a New England Yankee, was an American financier who played a central role in financing the American Civil War. He served two non-consecutive terms as U.S. Treasury Secretary under three presidents. He was originally opposed to the creation of a system of national banks, but his reputation as head of the Bank of Indiana 1857 to 1863 persuaded the Treasury to bring him in to supervise the new system as Comptroller of the Currency 1863–65. As Secretary of the Treasury 1865–69 he reduced and funded the gigantic Civil War debt of the union, and reestablish the federal taxation system across the former Confederacy. He tried but failed to make a rapid return to the gold standard.
Lyman Judson Gage was an American financier and Presidential Cabinet officer.
Free silver was a major economic policy issue in late-19th-century America. Its advocates were in favor of an expansionary monetary policy featuring the unlimited coinage of silver into money on demand, as opposed to strict adherence to the more carefully fixed money supply implicit in the gold standard. Supporters of an important place for silver in a bimetallic money system making use of both silver and gold, called "Silverites", sought coinage of silver dollars at a fixed weight ratio of 16-to-1 against dollar coins made of gold. Because the actual price ratio of the two metals was substantially higher in favor of gold at the time, most economists warned that the less valuable silver coinage would drive the more valuable gold out of circulation.
Wesley Clair Mitchell was an American economist known for his empirical work on business cycles and for guiding the National Bureau of Economic Research in its first decades.
The Independent Treasury was the system for managing the money supply of the United States federal government through the U.S. Treasury and its sub-treasuries, independently of the national banking and financial systems. It was created on August 6, 1846 by the 29th Congress, with the enactment of the Independent Treasury Act of 1846, and it functioned until the early 20th century, when the Federal Reserve System replaced it. During this time, the Treasury took over an ever-larger number of functions of a central bank and the U.S. Treasury Department came to be the major force in the U.S. money market.
Jacob Harry Hollander (1871–1940) was an American economist.
John Jay Knox Jr. was an American financier and government official. He is best remembered as a primary author of the Coinage Act of 1873, which discontinued the use of the silver dollar.
Daniel Orr was an economist. He was a Princeton University Ph.D, and the retired economics chair at the University of Illinois at Urbana-Champaign. He was a published author in the field of economics, especially in academic circles, and has worked for the United States Treasury Department. He became Trustee of Oberlin College in 1993.
Leonid "Leo" Hurwicz was a Polish-American economist and mathematician, known for his work in game theory and mechanism design. He originated the concept of incentive compatibility, and showed how desired outcomes can be achieved by using incentive compatible mechanism design. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences for his seminal work on mechanism design. Hurwicz was one of the oldest Nobel Laureates, having received the prize at the age of 90.
Sir Ralph George Hawtrey was a British economist, and a close friend of John Maynard Keynes. He was a member of the Cambridge Apostles, the University of Cambridge intellectual secret society.
Michael Hudson is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. He is a contributor to The Hudson Report, a weekly economic and financial news podcast produced by Left Out.
Douglas William Elmendorf is an American economist who is the dean and Don K. Price Professor of Public Policy at Harvard Kennedy School. He previously served as the Director of the Congressional Budget Office (CBO) from 2009 to 2015. He was a Brookings Institution senior fellow from 2007 to 2009, and briefly in 2015 following his time at the CBO, and was a director of the Hamilton Project at Brookings.
Warren Mosler is an American economist, hedge fund founder, engineer, professional automotive designer, and politician. He was the founder of Mosler Automotive and a co-founder of the Center for Full Employment And Price Stability at University of Missouri-Kansas City.
This article is about the history of monetary policy in the United States. Monetary policy is associated with interest rates and availability of credit.
David I. Meiselman was an American economist. Among his contributions to the field of economics are his work on the term structure of interest rates, the foundation today of the implementation of monetary policy by major central banks, and his work with Milton Friedman on the impact of monetary policy on the performance of the economy and inflation.