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Did planned prices reflect real value of products?

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Post 04 Sep 2020, 11:15
Hello everyone. This Youtuber "TheFinnishBolshevik" attempts to debunk in this video (https://www.youtube.com/watch?v=jbsoNMo3f2E&t=786s
) the "economic calculation problem" made by libertarians. In the video, he says, among other things, that prices in a planned economy weren't meant to reflect the real cost of production of a product, or the real value of a commodity. That that was never their goal. That prices were just decided by the planners and that's it. Is this true? He says, and i quote:

"... Libertarians say that it is impossible for a planned economy to come up with prices that accurately reflect the values of commodities… that it is impossible for the planners to come up with accurate prices for commodities. That is such a non-sequitur, like, who cares! The prices in socialism are not meant to reflect the value of a product or the production cost of a product. They are planned! People just decide them! That’s the whole point! In all socialist countries, luxury things like fine wine or like fancy shoes and cars have been really expensive while medical care is entirely free and food is really cheap. That’s planned. They have deliberately done it in such a way that people can all get the basic necessities... We don’t care about the price. It’s planned. It’s not meant to reflect the accurate market value of a commodity, that’s never been the point..."

I'd like to know what do you think of this. Is he right? Prices were just made up and that's it?
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