The purpose of this discussion is to supply the main outlines of a theory of value based upon analysis of the valuation-process from the logical point of view. The general principle which we shall seek to establish is that judgments of value, whether passed upon things or upon modes of conduct, are essentially objective in import, and that they are reached through a process of valuation which is essentially of the same logical character as the judgment-process whereby conclusions of physical fact are established--in a word, that the valuation-process, issuing in the finished judgment of value expressive of the judging person's definitive attitude toward the thing in question, is constructive of an order of reality in the same sense as, in current theories of knowledge, is the judgment of sense-perception and science. Our method of procedure to this end will be that of assuming, and adhering to as consistently as possible, the standpoint of the individual in the process of deliberating upon an ethical or economic problem (for, as we shall hold, all values properly so called are either ethical or economic), and of ascertaining, as accurately as may be, the meaning of the deliberative or evaluating process and of the various factors in it as these are presented in the individual's apprehension. It is in this sense that our procedure will be logical rather than psychological. We shall be concerned to determine the _meaning_ of the object of valuation as object, of the standard of value as standard, and of the valued object as valued, in terms of the individual's own apprehension of these, rather than to ascertain the nature and conditions of his apprehensions of these considered as psychical events. Our attention will throughout be directed to these factors or phases of the valuation-process in their functional aspect of determinants of the valuing agent's practical attitude, and never, excepting for purposes of incidental illustration and in a very general and tentative way, as events in consciousness mediated by more "elementary" psychical processes. The results which we shall gain by adhering to this method will enable us to see not merely that our judgments of value are in function and meaning objective, but also that our judgments of sense-perception and science are, as such, capable of satisfactory interpretation only as being incidental to the attainment and progressive reconstruction of judgments of value.