In the foreword to Human Action: A Treatise on Economics, Mises explains complex market phenomena as 'the outcomes of countless conscious, purposive actions, choices, and preferences of individuals, each of whom was trying as best as he or she could under the circumstances to attain various wants and ends and to avoid undesired consequences.' It is individual choices in response to personal subjective value judgments that ultimately determine market phenomena-supply and demand, prices, the patte