Human Action: A Treatise on Economics by Ludwig von Mises is a profound and comprehensive examination of economic principles. Mises delves into the intricacies of market phenomena, presenting them as the results of countless conscious, purposive actions, choices, and preferences of individuals. Each person strives to attain various wants and ends while avoiding undesired consequences.

Individual Choices: It is the subjective value judgments of individuals that ultimately determine market phenomena such as supply and demand, prices, the pattern of production, and even profits and losses. While governments may attempt to set "prices," it is individuals who, through competitive bidding for money, products, and services, actually determine them.

Economics as a Study of Human Actions: Mises presents economics not merely as a study of material goods, services, and products, but as a study of human actions. He introduces the science of praxeology, a discipline grounded in reason and logic, which acknowledges a regularity in the sequence and interrelationships among market phenomena.

The Impact of Free Market Policies: Mises attributes the tremendous technological progress and increased wealth and general welfare in the last two centuries to liberal government policies based on free-market economic teachings. These policies created an environment of freedom and peace, allowing individuals to pursue their respective goals.

The Futility of Government Regulation: Mises explains the futility and counter-productiveness of government attempts to regulate and control individuals' circumstances. He argues that men are born unequal, and it is precisely their inequality that fosters social cooperation and civilization.

Ludwig von Mises (1881–1973) was a leading figure of the Austrian School of Economics in the twentieth century. His work continues to be a significant reference in the field of economics.