What exactly do they teach in college economics?

[bills217]

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.

[slickpoppa]

They definitely do not teach that stuff in mainstream college econ courses. Your friend was either not paying attention or took a seminar class with a crazy far left professor.

But I'm sure that some people in here would love to take your example and hold it up as evidence of a huge far left liberal bias in US economics courses, but those claims are overblown. There are about 3 textbooks that are used in 99% of Econ 101-102 classes and none of them espouse anything like what your friend was espousing.

[SNOWBALL]

I had a marxist econ teacher, and she wouldn't agree with any of that stuff. Actually, she used to correct me on my fallacies. Maybe she didn't catch enough of them. Heh.

[GoodCallYouWin]

Most economists are simply intellectual whores for the status quo.

[QuadsOverQuads]

I talked to a college student yesterday.

He told me something that was in error.

I concluded that all college students therefore believe the same thing, and that all colleges everywhere must therefore be bad. Because I recognized his error, I further concluded that colleges in my day were invariably better, proving that all modern society is therefore evil and in decline.

I then joined the Libertarian party, because they alone recognized my brilliance.


q/q

[SNOWBALL]

[ QUOTE ]


I talked to a college student yesterday.

He told me something that was in error.

I concluded that all college students therefore believe the same thing, and that all colleges everywhere must therefore be bad. Because I recognized his error, I further concluded that colleges in my day were invariably better, proving that all modern society is therefore evil and in decline.

I then joined the Libertarian party, because they alone recognized my brilliance.


q/q



[/ QUOTE ]

A+ as usual

[Nielsio]

[ QUOTE ]
Most economists are simply intellectual whores for the status quo.

[/ QUOTE ]

[old dogg]

The anwser to your question is really quite simple.

The majority of the professors that teach in colleges today are librals. So what they teach is a left-wing utopian economic fanasty called socialism.

[Nielsio]

[ QUOTE ]
The anwser to your question is really quite simple.

The majority of the professors that teach in colleges today are librals. So what they teach is a left-wing utopian economic fanasty called socialism.

[/ QUOTE ]


Voluntaryist?

[bills217]

[ QUOTE ]

I talked to a college student yesterday.

He told me something that was in error.

I concluded that all college students therefore believe the same thing, and that all colleges everywhere must therefore be bad. Because I recognized his error, I further concluded that colleges in my day were invariably better, proving that all modern society is therefore evil and in decline.

I then joined the Libertarian party, because they alone recognized my brilliance.


q/q

[/ QUOTE ]

Considering that two of the three replies prior to your post were from a lib and a socialist, respectively...who exactly were you speaking to here?

Prior to posting this I had no idea whether this was what is taught or not - like I said, I am a layperson regarding economics. The asserter used his economics education as support for his beliefs.

So I was really just posting here to clarify that - I had no idea whether his ideas were mainstream among economists or not.

Thanks for posting though.

Also, if someone wants to expound on why the positions in question are wrong-headed economically (being forced to pay textile workers in the Philippines $9.50/hr?!?!?!), that would be appreciated.

Edited to add: I'm also not a member of the Libertarian Party.