David Kinley
Encyclopedia
David Kinley was an 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 bank
ing. Administration gradually took up most of his time as his career progressed.
, 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 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.
, 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.”
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
who worked in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. 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
Classical economics
Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill....
, and his main interest was in money
Monetary theory
Monetary economics is a branch of economics that historically prefigured and remains integrally linked to macroeconomics. Monetary economics provides a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers how money, for example...
and bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing. Administration gradually took up most of his time as his career progressed.
Biography
Kinley was born in DundeeDundee
Dundee is the fourth-largest city in Scotland and the 39th most populous settlement in the United Kingdom. It lies within the eastern central Lowlands on the north bank of the Firth of Tay, which feeds into the North Sea...
, Scotland
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
. He emigrated to the United States with his family in 1872. He received his early education at Phillips Andover Academy in Andover, Massachusetts
Andover, Massachusetts
Andover is a town in Essex County, Massachusetts, United States. It was incorporated in 1646 and as of the 2010 census, the population was 33,201...
and from there went to Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
where he graduated in 1884. He then became principal of North Andover High School
North Andover High School
North Andover High School is a public secondary school located in the town of North Andover, Massachusetts, United States. The school is a part of the . The school is relatively new , and serves grades 9-12. As of the school year 2005-2006, North Andover High enrolls 1,366 students...
for six years. In 1890, he left to do graduate work at Johns Hopkins University
Johns Hopkins University
The Johns Hopkins University, commonly referred to as Johns Hopkins, JHU, or simply Hopkins, is a private research university based in Baltimore, Maryland, United States...
, primarily under Richard Ely. He accompanied Ely to the University of Wisconsin where he received his Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
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 before the American Economic Association
American Economic Association
The American Economic Association, or 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...
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.
Writings
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. Following the Panic of 1907Panic of 1907
The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States 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...
, 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.”