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 latter.” And it certainly does seem, at first sight, as if the two propositions were not identical; as if we should not be saying exactly the same thing in asserting the one, as in asserting the other. But, even if they are not identical, our theory asserts that they are certainly equivalent: that, whenever the one is true, the other is certainly also true. And, if they are not identical, this assertion of equivalence amounts to the very important proposition that: An action is right, only if no action, which the agent could have done instead, would have had intrinsically better results; while an action is wrong, only if the agent could have done some other action instead whose total results would have been intrinsically better. It certainly seems as if this proposition were not a mere tautology. And, if so, then we must admit that our theory assigns a unique position to pleasure and pain in two respects, and not in one only. It asserts, first of all, that they have a unique relation to right and wrong; and secondly, that they have a unique relation to intrinsic value.

Our theory asserts, then, that any whole,