FRESHMEN CHOOSE THOMAS BILODEAU CLASS PRESIDENT

Thomas W. Bilodean, Jr. '37 of Dorchester, Franklin D. Roosevelt, Jr. '37 of Washington, D.C., and Anthony Samuel Joseph Tomasello '37 of Jamaica Plain have been elected president, vice-president, and secretary-treasurer, respectively, of the Freshman class, it was announced last night by Ebenezer F. Bowditch '35 and Shaun Kelly '36, upperclassmen in charge of Freshman affairs.

In voting for president a total of 669 votes were cast which is only 25 less than last year. Considering that this year's class is a good deal smaller than 1936, this is an excellent showing. For vice-president an equal number of votes were cast, while 674 were recorded for secretary-treasurer. In the 1935 elections only 520 ballots were cast.

Bilodeau prepared for Harvard at Exeter and was captain of football this fall. He is a member of the Union Committee, and was a chairman of the Tea Dance Committee. He is playing as a defence man this winter on the hockey team. Roosevelt comes from Groton and is a member of the Union Committee. He is serving as Chairman of the Business Board of the Red Book. Tomasello is the heavyweight boxer on the Freshman team.

The voting was as follows: For President Thomas Herbert Bilodeau, Jr.  218 Charles Colmery Gibson  174 Garrow Throop Geer, Jr.  165 John Bradford Bowditch  80 John David Barnes  32 For Vice-President Franklin Delano Roosevelt, Jr.  227 William Henry Schmidt, II  130 Paul Ledyard Van Cleve, III  127 Leavitt Sargent White  105 James Brewster Hallett  80 For Secretary-Treasurer Anthony S.J. Tomasello  112 John MacIntosh Calloway  77 George Gordon Hedblom  74

ly ever since the turn of the century Now, at least a substantial portion of the department has been made to understand the necessarily realistic implications of the Conservative View by a man who sees them not in the cheap syllogisms of an Economics A, but in the suffering and starvation of a once flourishing empire strangled culturally and economically by the forces of revolution.

Appropriately launched upon his career as the son of an influential Austrian industrialist, Joseph Alois Schumpeter was born in 1883, in an Austria just beginning to feel the effects of its Industrial Revolution already well under way. As a young man, he studied law, receiving the degree of J.U.D., at at the age of twenty-four, and immediately thereafter, more or less on a lark, went to Cairo to plead cases among the Africans in King Edward's newly created civil courts. Interested in the intense opposition put up by the Egyptians to the vigorous reorganization of their political and economic life being affected by the monocled, white-jacketed bureaucracy of the Foreign Office, but at the same time incapacitated by the climate of the country, barrister Schumpeter was forced by tropical fever to remove to London, where, in 1908, he published the first book which made his reputation as an economic theorist, "Der Wesen and der Hauptinhalt der Theoretischen Nationaloekonomic."

In the following year he left England and held the successive positions of lecturer at the University of Vienna and professor at the University of Graz, the latter of which he held until the War.

Meanwhile, in 1912, he published the "Theorle der Wirtschaftlichen Entwicklung," in which he enunciates the now famous theory of the physical business cycle, the theory that alternate periods of prosperity and depression are caused by new inventions, and that, therefore, the business cycle is inherent in any complex industrial society, regardless of its political organization.

Lured into politics by the excitement of the war and by his conviction, unpopular as it was articulate, that victory held nothing for Austria, Professor Schumpeter was appointed in 1915 to the Commission for the Socialization of industry in Berlin, on which he served until the socialist premier Renner called him to Vienna in 1918 to accept the Finance portfolio in the new coalition government being formed to replace that of the recently abdicated Emperor Charles.

Caught between the two fires of Bolshevist governments in Prague and in Munich, and faced with preserving order and the semblance of a state even before the Treaty of St. German had assigned Austria her new boundaries, the most pressing problem faced by Schumpeter's government was how to preserve the loyalty of the Vienna police. Carrying this and also the task of reorganizing the monetary system of a dismembered country to a successful conclusion, Schumpeter presented early in 1919 a budget designed to prevent the paper currency inflation which subsequently followed; but the legislature rejected it by a narrow vote, and Schumpeter resigned, thereafter steadily losing interest in politics, until, in 1925, he accepted a professorship at the University of Bonn.

Having tried the world of affairs and found it wanting, Professor Schumpeter loves intense academic activity, almost to the exclusion of worldly distractions. Flatly refusing to apply any of the theories which he discusses in his three graduate courses, he informs Harvard and Radcliffe that they will have to explore external reality for themselves.

He lacks, however, none of the graceful qualities of his people, and, his Slavie charm over the tea-cups and the dinner table having at all times kept pace with his Teutonic intensity on the lecturer's platform, he has become socially one of the most popular members of the faculty.

Acknowledging at all times his archreactionary sympathies, ex-Finanzminister Schumpeter makes it a point to distinguish between what is desirable and what is inevitable, and predicts an early triumph for revolutionary forces in the West. And that he is more than happy to await among his colleagues and assistants in the cheerfully efficient little community on the top floor of Holyoke

ly ever since the turn of the century Now, at least a substantial portion of the department has been made to understand the necessarily realistic implications of the Conservative View by a man who sees them not in the cheap syllogisms of an Economics A, but in the suffering and starvation of a once flourishing empire strangled culturally and economically by the forces of revolution.

Appropriately launched upon his career as the son of an influential Austrian industrialist, Joseph Alois Schumpeter was born in 1883, in an Austria just beginning to feel the effects of its Industrial Revolution already well under way. As a young man, he studied law, receiving the degree of J.U.D., at at the age of twenty-four, and immediately thereafter, more or less on a lark, went to Cairo to plead cases among the Africans in King Edward's newly created civil courts. Interested in the intense opposition put up by the Egyptians to the vigorous reorganization of their political and economic life being affected by the monocled, white-jacketed bureaucracy of the Foreign Office, but at the same time incapacitated by the climate of the country, barrister Schumpeter was forced by tropical fever to remove to London, where, in 1908, he published the first book which made his reputation as an economic theorist, "Der Wesen and der Hauptinhalt der Theoretischen Nationaloekonomic."

In the following year he left England and held the successive positions of lecturer at the University of Vienna and professor at the University of Graz, the latter of which he held until the War.

Meanwhile, in 1912, he published the "Theorle der Wirtschaftlichen Entwicklung," in which he enunciates the now famous theory of the physical business cycle, the theory that alternate periods of prosperity and depression are caused by new inventions, and that, therefore, the business cycle is inherent in any complex industrial society, regardless of its political organization.

Lured into politics by the excitement of the war and by his conviction, unpopular as it was articulate, that victory held nothing for Austria, Professor Schumpeter was appointed in 1915 to the Commission for the Socialization of industry in Berlin, on which he served until the socialist premier Renner called him to Vienna in 1918 to accept the Finance portfolio in the new coalition government being formed to replace that of the recently abdicated Emperor Charles.

Caught between the two fires of Bolshevist governments in Prague and in Munich, and faced with preserving order and the semblance of a state even before the Treaty of St. German had assigned Austria her new boundaries, the most pressing problem faced by Schumpeter's government was how to preserve the loyalty of the Vienna police. Carrying this and also the task of reorganizing the monetary system of a dismembered country to a successful conclusion, Schumpeter presented early in 1919 a budget designed to prevent the paper currency inflation which subsequently followed; but the legislature rejected it by a narrow vote, and Schumpeter resigned, thereafter steadily losing interest in politics, until, in 1925, he accepted a professorship at the University of Bonn.

Having tried the world of affairs and found it wanting, Professor Schumpeter loves intense academic activity, almost to the exclusion of worldly distractions. Flatly refusing to apply any of the theories which he discusses in his three graduate courses, he informs Harvard and Radcliffe that they will have to explore external reality for themselves.

He lacks, however, none of the graceful qualities of his people, and, his Slavie charm over the tea-cups and the dinner table having at all times kept pace with his Teutonic intensity on the lecturer's platform, he has become socially one of the most popular members of the faculty.

Acknowledging at all times his archreactionary sympathies, ex-Finanzminister Schumpeter makes it a point to distinguish between what is desirable and what is inevitable, and predicts an early triumph for revolutionary forces in the West. And that he is more than happy to await among his colleagues and assistants in the cheerfully efficient little community on the top floor of Holyoke