This paper draws upon my monograph, The Role of Value Judgments in Economics, which was mimeographed by the Thomas Jefferson Center for Studies in Political Economy, at the University of Virginia, in May 1964. I t was completed before the publication of T. W. Hutchisons, Positive Economics and Policy Objectives (London, 1964), in which similar topics are treated from a different standpoint. Many former colleagues have made pungent criticisms of earlier drafts, especially Bertram F. Levin (Univ. of Delaware), James R. Schlesinger (Rand Corporation) and J. L. Mackie (Univ. of York). None of these persons is, of course, responsible for the remnants.