How does Marxist communism deal with prices?
Marxist communism seeks to eliminate the concept of prices entirely by abolishing the market economy and implementing a system of production and distribution based on the principle of "from each according to their ability, to each according to their needs." In a communist society, goods and services would be produced and distributed based on communal ownership and democratic planning rather than through the mechanism of prices and the profit motive.
Marxist theory argues that prices, which are determined by the interaction of supply and demand in a market economy, are a reflection of the underlying class relations and inequalities that exist in capitalist societies. By abolishing prices and the market economy, Marxist communism seeks to eliminate these inequalities and create a more equitable and just society where resources are shared and allocated based on need rather than market forces.
In practice, Marxist communist societies have attempted to eliminate prices by implementing central planning mechanisms where production and distribution decisions are made by the state or by worker councils. However, history has shown that centrally planned economies have their own set of challenges and inefficiencies, leading to criticisms of the feasibility of a fully price-less society under Marxist communism.