World’s richest man Elon Musk says prices are critical for an economy, without them …

Elon Musk, the world's richest person, recently said that market prices are necessary for an economy to function properly. In a post shared on X (formerly Twitter), the Tesla CEO wrote, “Prices are critical information without an economy cannot function.” Musk’s comments came during an online discussion about socialist planning and the economic theories of Austrian economist Ludwig von Mises. An X account called Rothmus recently discussed von Mises’ 1920 paper, Economic Calculation in the Socialist Commonwealth. The post argued that socialist central planning could not work effectively because it lacked real market prices.“Mises showed that socialist central planning isn't merely inefficient, it's impossible,” the account wrote.The discussion focused on the idea that without private property and market-based prices, governments cannot accurately decide how to distribute resources or measure costs and demand. The post also referred to economist Oskar Lange, who supported a form of “market socialism” where a central authority would adjust prices through trial and error.Sharing the post on his timeline, Elon Musk replied to the post saying prices are critical information without which an economy cannot function. While Musk did not expand further on the topic, but his brief comment drew attention because of his growing influence in discussions around technology, business and economic policy.Earlier this year, Elon Musk shared a post on X criticising the socialists with his ‘eat the rich’ remarks. In the post, he remarked that after socialists ‘eat the rich,’ they will eventually face starvation, highlighting his belief in inefficacy of wealth redistribution without sustainable economic growth. “The problem is that after they “eat the rich”, they will starve,” Musk said on X responding to a post that read: “Capitalists: “If you want to end poverty, create more wealth.” Socialists: “If you want to end poverty, eat the wealth creators.”