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3 > Image 3 of Kentucky alumnus, vol. 04, no. 02, 1930

Part of Kentucky alumnus

..... ._ c V2 1 COITlIIlI`C College G&lD.S 5 I i i i Newest College at U. Kn Established In. 1925, Is Member of American g _ Association of Collegiate Schools of Business; Includes Bureau L A I i of Business Research r l i _ By Dean Edward Wiest i The College of Commerce W3S officially St3b- mics Was a subject of consuming interest to phil- , ljghed by the Board of Trustees in the spring of osophers, and it was therefore logical that Adam I A lg 1925, but prior to that date there WaS all extended Smith, himself a philosopher, should carve out of . . it I y period of development of economics and business the general neld of philosophy the subject or po- I - i education at the University under the 3ClmllliS- litical economy. The new subject was of great ;` _ iii .1 tration of the Arts and Science College. As 00m- practical value in shaping policies of statesmen _ o pared with eastern and northern sections of the in Europe and America. It began to grow and as M I Y I E- country, Kentucky, along with some other south- the effects of the Industrial Revolution came to it . j _ ern states, was slow in developing economics as a be realized, divisions of the subject, such as trans- it E ~ . _ college subject and still slower in developing portation and labor problems, were developed and i .. commerce or business administration subjects. Offered in our leading colleges and universities. . V i This. of course, was due to the industrial back- At a later date it was felt that our institutions i i = wai-dness of the South and to her general unpro- of learning should endeavor to train and educate 1 i t A F gressive attitude that for many years characteri- men for business. This idea led to the establish- g. Zed the social and business life of her people. It ment of the Wharton School of Finance at the it . T is therefore not surprising to find that as late as University of Pennsylvania in 1881 and along it i . 1918 economics was given very scant attention at with the subjects whose content aimed to explain to A V j the University of Kentucky. At that time the more especially social relationships, practical sub- T Q' Y l four subjects of history, political science, ecOnO- jects, such as accounting and corporation finance, .; j j mics and sociology were all offered in one depart- were developed With a view to explain business . , ment and taught by two men. Dr. Edward Tut- technique or business administration. In other rE ~ hill was the head of the department. words, most of the professional courses offered in il- iii i HO\VgV1 the Coming Of President Frank the SCIIOOIS of business today g1W out of It I L. McVey, the University in 1918 gave greater ooonomy OY economies. as it is HOW generally , 4 prominence to social subjects, and a beginning in calico- I . `Q commerce was also made. This expansion was Expansion of Complex Businoss Technique o A y carried out by the Department of Economics and _ , , . . A i ` Sociology which was organized that year. In The Hood far profcsslonol tmmmg lo busmoss -1; { lst other ways also, it may be said in passing, was as cooccivcd by those who had a part m ihg es" A , * ij . the University modernized with respect to the tablishmeat af the Whartaa School of Fiaaaaa l { Fallge of subjects offered. For instance, the Art has steadily grown Smco the 80,S' Banking cor- _ Department was Organized tho Same yeah poration finance and credit in general have become A .5* ij . _ infinitely more complex since that time. The field j a 2 Orisia af School of Busmcss of merchandising is undergoing a revolution and y 1 Economics, or political economy as it was for- a transformation. Accounting theory and tech- . { v lnerly called, may be said to be the parent of the nique have been developed in order to meet the r, ; College of Commerce; and going back to 1776 or new conditions of large-scale production and in- f i o] `A to the days of Adam Smith at the time he studied terlocking holdings of corporate property, as well i Y Q and taught at the University of Glasgow, Scot- as to enable public utility commissions and other ` i i land, philosophy may be said to be the father of regulatory bodies to make satisfactory valuations economies oy the gyandfathgy of the Schools of of corporate property with a view to determine S Business, because Francis Hutcheson, philoso- fair rates that may be charged by quasi-public , llher and teacher of Adam Smith, had much to industries. Also the refinement of insurance so as Q - ""' _ SW concerning the economic order. It might be to cover a greater variety of business risks, and ___... . added also that from Aristotle through the me- the desirability of determining or forecasting ji ~ dleval period to Hume and Adam Smith, econo- business trends all emphasize the greater need for i I