New York Times columnist Max Fisher argues that midpoint equations are wrong.
His latest piece takes on a formula that economists call the midpoint.
He says that if we use a midpoint equation to determine whether a product is good or bad, we should look at the value of the variable.
Fisher argues it is bad because it is based on a very subjective and unhelpful metric: the value that the product is worth in the marketplace.
The formula is flawed because it assumes that the value for a particular item is determined by the amount of demand.
Fisher says the formula is “a way of making money out of people who do not understand basic economics.”
Fisher is a prominent critic of the midpoints.
In the piece, he says: “There is a basic truth about this formula that is very easy to get wrong.
You should look for a middle point between a 1 and a 0, or a 5 and a 2.
But this formula doesn’t do that.
It assumes that consumers, businesses and workers are all equal in value.
If we look at what the market value is, then we know that the difference between the middle point and the value is not a huge difference.”
Fisher’s piece, which appeared on the New York City Times website on Friday, argues that the mid points are often arbitrary.
“I would argue that if you use the formula to make a decision about whether or not a product should be sold, it should be made based on the consumer’s actual preference,” he wrote.
Fisher is one of a number of prominent economists who have taken on the mid point formula.
In July, University of Texas professor of economics Stephen Roach and economist James Q. Galbraith wrote a paper arguing that the formula does not adequately measure the economic value of things.
Fisher’s article comes on the heels of the latest data showing a rise in the number of people with medical conditions that are more costly to treat.
As of May, an estimated 5.1 million Americans have been diagnosed with conditions like cancer, hypertension, diabetes and asthma.
The report also found that there were more than 4.4 million Americans over the age of 65 with chronic diseases like heart disease, cancer, chronic obstructive pulmonary disease, and high blood pressure.