Von misses felt that the pricing systems in socialist economies
had a deficiency when the government controlled the means of
production, goods remained unpriced and hence rational allocation
of resources were inefficient. Thus, Von Misses thought the price
mechanism was the only efficient solution and hence he critiqued
the central economic planning.
Thus, Von Misses also felt that the knowledge required for
rational economic planning is invariably outside the grasp of a
central planner like the government and is distributed among
individuals who control the price mechanism