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Smith discusses the theory of value that provided the foundation for the argument that rational economic calculation is impossible in a socialistic economy.
Originally published in essay form on April 2, 2013.
Narrated by James Foster.
George H. Smith was formerly Senior Research Fellow for the Institute for Humane Studies, a lecturer on American History for Cato Summer Seminars, and Executive Editor of Knowledge Products. Smith’s fourth and most recent book, The System of Liberty, was published by Cambridge University Press in 2013.