The principle thus suggested would imply that the ethical and economic stages in the one inclusive process of reflective attention should be regarded as involving, when they occur, the same logical function of judgment as is operative in the sphere of sense-perception and the sciences generally. Ethical and economic factors must on occasion be present at the final choice and shaping of one's course of conduct, along with the physical determinations of environing means and conditions which one has made in sense-perception. There is, then, it would appear, at least a fair presumption, though not indeed an _a priori_ certainty, that these ethical and economic factors or conditions have, like the physical, taken form in a _judgment-process_ which will admit of profitable analysis in accordance with whatever general theory of judgment one may hold as valid elsewhere in the field of knowledge. This presumption we shall seek to verify. Now, our interest in thus determining, first of all, the logical character of these processes will readily be understood from this, that, in the present view, these are the processes, and the only ones in our experience, which are properly to be regarded as processes of Valuation. We shall hold that Valuation, and so all consciousness of Value, properly so called, must be either ethical or economic; that the only conscious processes in which Values can come to definition are these processes of ethical and economic judgment. The present theory of Value is, then, essentially a logical one, in the sense of holding that Values are determined in and by a logical--that is, a judgmental--valuation-process and in its details is closely dependent upon the general conception of judgment of which the outlines have been sketched above. Accordingly, the exposition must proceed in the following general order: Assuming the conception of judgment which has been presented (which our discussion will in several ways further illustrate and so tend to confirm), we shall seek to show that the determinations made in ethical and economic judgment are in the proper sense objective. This will involve, first of all, a statement of the conditions under which the ethical and economic judgments respectively arise--which statement will serve to distinguish the two types of judgment from each other. We shall then proceed to the special analysis of the ethical and economic forms from the standpoint of our general theory of judgment, thereby establishing in detail the judgmental character of these parts of the reflective process. This analysis will serve to introduce our interpretation of the consciousness of Value as a factor in the conduct and economy of life. II