It has frequently been argued that there is a clear and irreducible difference between statements of fact and statements of value. To say “X is cobalt” and “X is good” is to make statements differing not merely in detail but in kind. To attempt to reduce the second type of statement to the first is to commit the “naturalistic” fallacy. To attempt to reduce the first type of statement to the second is to commit the “idealistic” fallacy. In this paper, I shall accept this position as correct but argue that, far from settling the question of value science, it is merely the elementary premise from which all discussion of this matter must begin.