What exactly do they teach in college economics?
I am seriously dumbfounded.
I am admittedly a layperson when it comes to economics, but...what is going on here?
Tonight I was presented with the following assertions from a rising junior economics major at a large state university (I promise I am not misrepresenting his positions):
1. A raise of the US minimum wage to around $9.50/hr would, directly, dramatically DECREASE unemployment.
2. A WORLDWIDE minimum wage of around the $9.50/hr level is economically feasible, right now (although it clearly could not be implemented/enforced in any practical way), and would clearly benefit, well, basically everyone.
3. It would benefit poor people in developing countries if the United States refused to accept imports made by foreign companies that do not pay their employees at the level of the UNITED STATES minimum wage. (When I asked why we would choose to import anything if this was the case, he responded that it wasn't a problem, that all economies should be local, anyway - and that this would still benefit the poor in developing countries - somehow!)
Do these beliefs really flow from an American college economics education?!?! Am I missing something??? Some clarification would be appreciated.
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