“It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest,” economist Adam Smith wrote. Smith transformed economic and political thought with his notion that the pursuit of self interest promotes societal good and that an "invisible hand" pushes markets towards equilibrium conditions without the interference of the government.

This is the third article in a series examining the effects of the University’s budget cuts on individual schools and colleges.

As some of Cornell’s seven colleges scramble to meet Provost Kent Fuchs’ call for a five percent University-wide budget cut, the School of Industrial and Labor Relations has taken it in stride. With the need to cut $1.7 million from ILR’s $34 million unrestricted budget, Dean Harry Katz has pledged that the cuts would not directly affect students, classes, professors or other faculty members on campus.

President Obama signed the most sweeping piece of economic legislation in the nation’s history on Feb. 17 in Denver, Col., officially sparking what may prove to be a long road to financial recovery. On campus, students and professors voiced their opinion, highlighting attitudes ranging from cautious optimism to vitriolic critique.

From unlocking nature’s fundamental principles through elementary particle physics to unzipping DNA to understand the way living cells function, research at Cornell spans across every science department and almost every scientific topic. Scientific research requires equipment, raw materials and people. To obtain these, however, researchers need one thing: funding. According to an annual report put out by the Office of the Vice Provost for Research, researchers at Cornell, not including Weill Medical College, spent about $470 million in the 2008 fiscal year.

As America’s financial well-being continues to suffer from the economic recession, individuals likewise share the pain from the emotional repercussions that come with the stress of increased financial hardship.

Matt Boone, assistant director of Counseling and Psychological Services and coordinator of the “Let’s Talk” program at Gannett, said he has seen evidence that the finance crisis affecting the mental health of the Cornell community.

“I’ve seen from myself in my own practice and have heard from my colleagues that students are [more often] presenting issues of anxiety relating to the financial situation, whether it’s things going on in their own family … or whether they are worried for themselves about internships or future jobs,” Boone said.

In these dark times, when betting on horses yields better returns than the stock market, hedge fund manager and amateur hedge fund manager alike must look for other means of making money easily. To those considering selling junk on ebay, stuffing envelopes in your home, starting a Ponzi scheme or gambling to make an honest dollar, hark! I know of a way you can get richer by doing absolutely nothing. Really. And you don’t even have to pay me for a book to tell you how.

This proven and reliable get-rich-quick scheme is called deflation, and it’s a great reason to start recycling your beer cans. Deflation means that the purchasing power of the dollar increases. Or, in simple terms, that the five-cent refund from your beer cans buys more now than it did before.

I feel that anguished sense of desolation that inevitably accompanies news that an aging relative is on her deathbed.

Old, infirm and hopelessly behind the times, the gray lady’s moment has arrived. The stale scent of death has already set in. And yet, I cannot help but resent the loss of so rich a life. Overcome with chagrin, I throw up my arms and plead frantically to the heavens. I dream of miracles.

In my case, the doctor’s prognosis is four months. four months! I should lie down and weep.

You should too.

Over the weekend, President Obama urged Congress to “move swiftly and boldly” to help pull the country out of the current recession by passing his stimulus bill. Yesterday, the House passed the proposed $819 billion package. The plan represents a commendable step toward ending the financial crisis; however, because of concessions made by House Democrats, its passage was considerably more swift than bold.

The portions of the bill that went through provide several key tools to help jump start the economy.

One of Cornell’s most visible student events appears to have fallen victim to the University-wide budget cuts that were announced earlier this week.

Slope Day, the annual concert held on Libe Slope on the last day of spring semester classes, will receive significantly less funding from the University, which has historically offered financial support for the event, according to Mandy Hjellming ‘09, chair of the Slope Day Programming Board.

Hjellming said that this the SDPB will be forced to cover an estimated $70,000 that the University had provided in the past for logistical and infrastructural expenses. That figure is a low estimate and the actual deficit could actually be higher, she said.

With so much news focusing on economic problems at home, some Cornellians might not be aware that changes in the international value of the U.S. dollar have the potential to affect study abroad, a program in which over 800 undergraduates participate each year.

Changing dollar exchange rates have always been an issue in the U.S., and events like the formation of the European Union have caused dramatic fluctuations Off we goin the value of the dollar. But with decreasing prosperity at home, will the exchange rate issue become more important to Cornellians hoping to study abroad?