|Born||2 August 1861|
|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.
An economist is a practitioner in the social science discipline of economics.
The United States of America (USA), commonly known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.
Classical economics or classical political economy is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange.
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.
Dundee is Scotland's fourth-largest city and the 51st-most-populous built-up area in the United Kingdom. The mid-year population estimate for 2016 was 148,270, giving Dundee a population density of 2,478/km2 or 6,420/sq mi, the second-highest in Scotland. It lies within the eastern central Lowlands on the north bank of the Firth of Tay, which feeds into the North Sea. Under the name of Dundee City, it forms one of the 32 council areas used for local government in Scotland.
Scotland is a country that is part of the United Kingdom. Sharing a border with England to the southeast, Scotland is otherwise surrounded by the Atlantic Ocean to the north and west, by the North Sea to the northeast and by the Irish Sea to the south. In addition to the mainland, situated on the northern third of the island of Great Britain, Scotland has over 790 islands, including the Northern Isles and the Hebrides.
Andover is a town in Essex County, Massachusetts, United States. It was settled in 1642 and incorporated in 1646. As of the 2010 census, the population was 33,201. It is part of the Boston-Cambridge-Quincy, Massachusetts-New Hampshire metropolitan statistical area. Part of the town comprises the census-designated place of Andover. It is twinned with its namesake: Andover, Hampshire, England.
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.
Assistant professor is an academic rank used in universities or colleges in the United States, Canada, and some other countries.
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.
JSTOR is a digital library founded in 1995. Originally containing digitized back issues of academic journals, it now also includes books and other primary sources, and current issues of journals. It provides full-text searches of almost 2,000 journals. As of 2013, more than 8,000 institutions in more than 160 countries had access to JSTOR; most access is by subscription, but some of the site's public domain and open access content is available at no cost to anyone. JSTOR's revenue was $86 million in 2015.
The American Economic Association (AEA) is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review. The AEA was established in 1885 in Saratoga, New York by younger progressive economists trained in the German historical school, including Richard T. Ely, Edwin Robert Anderson Seligman and Katharine Coman, the only woman co-founder; since 1900 it has been under the control of academics.
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."
The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a United States financial crisis that took place over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. Primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops. The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company—New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks.
He married Kate Ruth Neal in 1897. She died in 1931 in Hong Kong while accompanying Kinley on a professional trip.
Joseph Aloïs Schumpeter was an Austrian political economist. Born in Moravia, he briefly served as Finance Minister of Austria in 1919. In 1932, he became a professor at Harvard University where he remained until the end of his career, eventually obtaining U.S. citizenship.
James Tobin was an American economist who served on the Council of Economic Advisers and 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 endogenous variables, the well-known "Tobit model". Tobin received the Nobel Memorial Prize in Economic Sciences in 1981.
Charles Gates Dawes was an American banker, general, diplomat, and Republican politician who was the 30th vice president of the United States from 1925 to 1929. For his work on the Dawes Plan for World War I reparations, he was a co-recipient of the Nobel Peace Prize in 1925.
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.
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 1860s 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.
Albion Woodbury Small founded the first independent Department of Sociology in the United States at the University of Chicago in Chicago, Illinois in 1892. He was influential in the establishment of sociology as a valid field of academic study.
Lyman Judson Gage was an American financier and Presidential Cabinet officer.
Arthur Twining Hadley was an economist who served as President of Yale University from 1899 to 1921.
Christopher Gustavus Memminger was a German-born American politician and one of the founding fathers of the Confederate States. He was the principal author of the Provisional Constitution (1861), as well as the founder of the nation's financial system. As the first Confederate States Secretary of the Treasury, Memminger was the main author of the economic policies of the Jefferson Davis administration.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main branches of Federal Reserve Banks.. Located in downtown St. Louis, the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas and portions of Illinois, Indiana, Kentucky, Mississippi, the eastern half of Missouri and West Tennessee. It has branches in Little Rock, Louisville and Memphis. Its building, at 411 Locust Street, was designed by St. Louis firm Mauran, Russell & Crowell in 1924. The Eighth District serves as a center for local, national and global economic research, and provides the following services: supervisory and regulatory services to state-member banks and bank holding companies; cash and coin-handling for the District and beyond; economic education; and community development resources.
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 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 the oldest economist to have become a Nobel Laureate, 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.
Raymond Joseph Saulnier was an American economist, who was Chairman of the Council of Economic Advisers (CEA) from 1956 to 1961 under President Dwight David Eisenhower. He was born in Hamilton, Massachusetts.
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.
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.
Edward Sagendorph Mason was an American economist and professor at Harvard University. He was the Dean of the Graduate School of Public Administration, now known as the John F. Kennedy School of Government, from 1947 to 1958. He was the president of the American Economic Association in 1962.
Daniel Coit Gilman was an American educator and academic. Gilman was instrumental in founding the Sheffield Scientific School at Yale College, and subsequently served as the third president of the University of California, as the first president of Johns Hopkins University, and as founding president of the Carnegie Institution. He was also co-founder of the Russell Trust Association, which administers the business affairs of Yale's Skull and Bones society. Gilman served for twenty five years as president of Johns Hopkins; his inauguration in 1876 has been said to mark "the starting point of postgraduate education in the U.S."
The New International Encyclopedia was an American encyclopedia first published in 1902 by Dodd, Mead and Company. It descended from the International Cyclopaedia (1884) and was updated in 1906, 1914 and 1926.