 Passages such as this have cemented James’ reputation for equating truth with mere utility (something along the lines of: “&lt; p &gt; is true just in case it is useful to believe that p” [see Schmitt 1995: 78]). (James does offer the qualification “in the long run and on the whole of course” (1907 [1975: 106]) to indicate that truth is different from instant gratification, though he does not say how long the long run should be.) Such an account might be viewed as a watered-down version of Peirce’s account that substitutes “cash-value” or subjective satisfaction for indefeasibility and unassailability in the face of ongoing inquiry and investigation. Such an account might also be viewed as obviously wrong, given the undeniable existence of useless truths and useful falsehoods.