I have done the reading, at a good Ivy League institution. You probably wouldn’t want your doctor to have only read an Introduction to Medicine. First, he’s a Professor of Finance, not a Professor of Economics — very different disciplines — though he likes to pretend to be one. Second, I’ve also read Adam Smith and obviously, you’ve not. Third, I believe in free market capitalism and, due to the corrupting influence of money in politics, that is not what we currently have or the stock market wouldn’t be rising during a pandemic-fueled recession with the highest unemployment in 20 years.
The financial markets are badly distorted by financial and tax regulations passed by a Congress that operates in favor of the biggest campaign contributors. That has lead to the worst income inequality America has seen since the Gilded Age of the late 19th century. A Republican President, Theodore Roosevelt, fixed that one. Too bad no Republican (or Democratic, that matter) leader today even wants to acknowledge the current problem because most need campaign money.
I was a lifelong Republican and grew up during the heyday of the middle class after WWII. I watched us break that winning economic formula during the 1980s. I was a business executive back then and I’ve also watched the decline of business culture and ethics that followed. The resulting income inequality has stressed our democratic republic to the breaking point. Before you defend the estimable professor, do some serious reading of both economics and history. Or maybe just read the warnings from Warren Buffet over the past 20 years.
As to your misguided view of the minimum wage, the dire predictions of people who think as you do have never materialized when the minimum wage has been raised. In those cities where the minimum wage has been raised substantively over state and federal minimums, economies have actually improved. There are many reasons why that should be true, if one looks at economics in greater depth. Acta non verba.