The article demonstrates the significance of the L. von Mises 'Human Action' for modern economic science. Following the words of Vernon Smith, Noble Prize Winner, the author argues that even though economics has been developed since the publication of 'Human Action' (1949) the basic message of that book remains intact. He is going to show how it helped Mises to develop his own unique paradigm by which he turned away from his Austrian predecessors (Menger and Boehm-Bawerk). In consequence he also stands in opposition to modern schools of thought. To demonstrate this the author is going to emphasize four most important pillars: imputation theory, monetary theory, economic policy approach and economic methodology.