The Hard Cost of Pricing a Product

"The reason that we need a free market is because we're stupid," he says. "It's like, what's the right price? Well, what's it worth in comparison to every other thing?" The Soviet Union had to make 150,000 pricing decisions a day; today they have just 3,000 or 4,000. It's not a perfect mechanism as it's trying to solve an impossible problem, and it does it pretty damn well,. But there are things that have value that you can't price.