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On Wednesday, Elon Musk\u00a0showed his support for the years-old Austrian school of economics, associated with Ludwig von Mises, saying that prices are an important factor for an economy to function properly.<\/p>\n
In a post on X, Musk wrote, “Prices are critical information without an economy cannot function.”<\/p>\n
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Debate Over Socialist Planning Resurfaces <\/p>\n
The remark came after Rothmus, an X account that supports \u2018rugged individualism\u2019 and \u2018Propertarianism,\u2019 posted on social media about von Mises’ 1920 paper “Economic Calculation in the Socialist Commonwealth,” which Hayek read. In the post, Rothmus said, “Mises showed that socialist central planning isn’t merely inefficient, it’s impossible.”<\/p>\n
Without private property and genuine market prices, planners have no reliable way to decide on how to allocate limited resources or measure real costs and needs.<\/p>\n
Oskar Lange, a leading socialist in the debate, promoted “market socialism” with trial-and-error pricing by a central board. In the real world, socialist planners in Eastern Europe depended on global capitalist market prices as a guide.<\/p>\n
“Without external free-market price signals, pure socialism would be economically blind and coordination would collapse,” Rothmus wrote.<\/p>\n
See Also: Avoid the #1 Investing Mistake: How Your \u2018Safe’ Holdings Could Be Costing You Big Time<\/a><\/p>\n Mises’ Warning On Government Intervention <\/p>\n In the paper, Mises further argued that “interventionism, the “middle way” of government meddling, is inherently unstable.” This is because each intervention creates new problems, which lead to additional interventions and thus result in full socialization.<\/p>\n “Price controls cause shortages, subsidies distort production, and the cycle continues until the economy is fully planned,” she explained.<\/p>\n And the lesson is clear: a healthy economy depends on real market prices stemming from voluntary trade and private property. \u00a0Partial government control does not stabilize the economy; instead, it pushes it into central planning. <\/p>\n Rothmus closed by anchoring the claim to history, writing that “the collapse of the Soviet bloc proved it in practice.”<\/p>\n Photo Courtesy: Frederic Legrand \u2013 COMEO On Shutterstock.com<\/p>\n Read Next:\u00a0<\/p>\n Story Continues <\/p>\n Building Wealth Across More Than Just the Market <\/p>\n Building a resilient portfolio means thinking beyond a single asset or market trend. 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