Industry
Prices are critical information without an economy cannot function
Prices are critical information without an economy cannot function As a young socialist, Hayek read Ludwig von Mises’ 1920 paper “Economic Calculation in the Socialist Commonwealth.” Mises showed that
Prices are critical information without an economy cannot function As a young socialist, Hayek read Ludwig von Mises’ 1920 paper “Economic Calculation in the Socialist Commonwealth.” Mises showed that socialist central planning isn’t merely inefficient, it’s impossible. Without private property and genuine market prices, planners lack any ration…
Source: Elon Musk (X) | 2026-05-27