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.

Elon Musk backed Austrian economic theory Wednesday, saying market prices are essential for economies to function efficiently and warning against centralized planning.

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…