The economic concepts couldn’t be simpler, so certainly they can be understood by college professors: With a 15 percent decrease in state aid to Rutgers University, the school must cut costs to balance a budget that otherwise would be $96.6 million in the hole. To avoid eliminating classes, laying off employees and other drastic moves, Rutgers has declared an “extreme fiscal crisis,” canceled scheduled pay raises and frozen the wages of 13,000 employees.