There are many things that we teach our undergrads, which then get forgotten (or rejected, if I must be polite) by professional economists. The minimum wage costs jobs, low interest rates don’t mean easy money, trade with China benefits the US, monetary policy remains highly effective at zero rates, etc., etc. I taught all these ideas right out of the textbooks I used, because I believe them. And here’s one more: current account deficits are not a problem; they merely represent an imbalance between saving and investment in a particular region.