There has of late been a revival of interest in the problem of practical reason. One of the causes of this revival has been, I think, a reaction against the radical subjectivism to which the emotive theory seemed to lead. Philosophers have wished to show that the method of linguistic analysis can account for that kind of objectivity, whatever kind that might be, which is possessed by our moral opinions, criticisms, etc. The question in what this objectivity consists has, however, remained obscure and recent writing has failed to distinguish at least two quite distinct issues. I hope to show what these are and that they are distinct.