involve no present exercise of the valuing judgment, there are constantly in such institutions new projects which must be considered, and which commonly must involve revaluation of the means. In this revaluation the principle of greatest revenue is supposed to be the sole criterion, regardless of other personal or social points of view from which confessedly the measure might be considered. But such a supposition, however true to the facts of current business practice it may be, we must hold to be an abstraction when viewed from the standpoint of the social life at large, and hence no real exception to our general principle. The economic and the ethical situations differ, as types, only in the closeness of relation between the ends that are in conflict and in the manner in which the ends are first brought into conflict--not in respect of the intrinsic nature of the ends which are involved in them.[112] It is this difference which, as we shall see, explains why ethical valuation must be of ends, and economic valuation, on the other hand, of means. We have yet to see _in what way_ valuation of the means of action can serve to resolve a difficulty of the type which has thus been designated as Economic. The question must be deferred until a more detailed analysis of the economic judgment-process can be undertaken. It is enough for our present purpose to note that the subject of valuation in this process _is_ the means, and to see that under the typical conditions which have been described some further determination of the means than the merely physical one of their factual availability for the competing ends is needed.[113] Physically and mechanically the means are available for each one of the ends or groups of ends in question; the pressing problem is to determine for which one of the ends, if any, or to what compromise or readjustment of certain of the ends or all of them, the means at hand are in an economic sense most properly available.[114] From this preliminary discussion of the ethical and economic situations we must now pass to discuss the objectivity of the judgments by which the agent meets the difficulties which such situations as these present. We shall seek to show that these judgments are constructive of an objective order of reality. It will be necessary in the first place to determine the psychological conditions of the more commonly recognized experience of Objectivity in the restricted sphere of sense-perception. There might otherwise remain a certain antecedent presumption against the thesis which we wish to establish even after the direct argument had been presented.[115] III