Golay was born in Windsor, Missouri, on July 2, 1915, and served in the United States Navy during World War II.
After his military service, Golay obtained a doctorate in economics from the University of Chicago in 1951, and worked for the Federal Reserve Board until 1953, when he joined the Cornell University as an assistant professor of economics and Asian studies.
He taught at SOAS, University of London as a visiting professor on a Fulbright grant from 1965 to 1966.
Golay was a visiting professor at the University of the Philippines from 1973 to 1974 as a recipient of a Rockefeller Foundation grant.
degree by Aterneo de Manila University in 1966, and he received fellowships from Henry Luce foundation, Social Science Research Council, National Endowment for the Humanities, and Fulbright Program.