is also true that our physical and economic problems are ultimately meaningless and impossible, whether of statement or of solution, except as they are interpreted as arising in the course of ethical conflict. We have, then, to do, in the present division, with situations in which, whether at the outset or from time to time during the course of the reflective process, there is explicit conflict between ends of conduct. These situations are the special province of the judgment of valuation. Our line of argument may be briefly indicated in advance as follows: 1. The judgment of valuation, whether expressed in terms of the individual experience or in terms of social evolution, is essentially the process of the explicit and deliberate resolution of conflict between ends. As an incidental, though nearly always indispensable, step to the final resolution of such conflict, physical judgment, or, in general, the judgment of fact or existence, plays its part, this part being to define the situation in terms of the means necessary for the execution of the end that is gradually taking form. The two modes of judgment mutually incite and control each other, and neither could continue to any useful purpose without this incitement and control of the other. Both modes of judgment are objective in content and significance. At the end of the reflective process and immediately upon the verge of execution of the end or purpose which has taken form the result may be stated or apprehended in either of two ways: (1) directly, in terms of the end, and (2) indirectly, in terms of the ordered system of existent means which have been discovered, determined, and arranged. If such final survey of the result be taken by way of preparation for action, or for whatever reason, the end will be apprehended as possessing ethical value and the means, under conditions later to be specified, as possessing economic value.