 In  section 3.4,  we introduce a distinction between “conceptualism” and “objectualism”, two views about the kinds of things that instantiate the property of being normative. “Objectualist” theories hold that there are worldly normative properties and states of affairs, whereas “conceptualist” theories deny this and hold instead that normativity lies exclusively, or at least fundamentally, in the realm of thought. Conceptualism is, we think, the characteristic position of anti-realists; at least, this is so if we set aside the error theory, but conceptualism is also compatible with normative realism. In  section 3.4.1  and  section 3.4.2,  we look at anti-realist and realist versions of conceptualism, respectively.