Note * — Chapter VII · A Psychological Theory of Value

We can now extend our definition. Anything is valuable which will satisfy an appetency without involving the frustration of some equal or more important appetency; in other words, the only reason which can be given for not satisfying a desire is that more important desires will thereby be thwarted. Thus morals become purely prudential, and ethical codes merely the expression of the mast general scheme of expediency* to which an individual or a race has attained. But we have still to say what ‘important’ stands for in this formulation. (Cf. p. 51).