Bachelor of Arts, University of Michigan, 1890. Doctor of Philisophy, University of Berlin, 1902. Doctor of Laws, Harvard, 1918, University of Michigan, 1920, Northwestern, 1927, Tulane, 1935, Occidental, 1940.
Doctor of Letters, Manchester University, England, 1933.
In 1890 he obtained his Bachelor of Arts in history and philosophy at the University of Michigan. He returned to Europe to study agriculture, industry, trade and history at universities in Leipzig, Göttingen. Zurich, Berlin and London.
Back in the United States in 1902 Gay was appointed instructor at the Harvard University, replacing William Ashley.
In 1903 he was promoted Assistant Professor, and in 1906 Professor in the chair of Economic History at Harvard. Gay was the first Dean of the Harvard Business School from 1908-1919.
The Harvard Business School was founded in 1908 and started the first year with 59 students. In the 1920s there were over 500 students.
He was president of the New York Evening Post from 1920- P.
Member research staff Huntington Library, San Marino, California, since 1936, chairman since 1941. Director Council on Foreign Relations, New York City. President New York Evening Post, 1920-1923.
Member Commercial Economy Board Council National Defense, 1917-1918.
Member War Trade Board, February 1918-June 1919. Member American Association for the Advancement of Science (Boston), American Economics Association, American Statistical Association, American History Association, Royal Economics Society (England).
Club: Century (New York).
Married Louise Fitz Randolph, 1892. Children: Edward Randolph, Margaret Randolph.