 Hägerström characterized his own view as a type of “value-nihilism,” and many have followed suit in taking noncognitivism of all kinds to constitute a rejection of the very idea of intrinsic value. But this seems to be a mistake. We should distinguish questions about value from questions about evaluation. Questions about value fall into two main groups, conceptual (of the sort discussed in the last section) and substantive (of the sort discussed in the first section). Questions about evaluation have to do with what precisely is going on when we ascribe value to something. Cognitivists claim that our ascriptions of value constitute statements that are either true or false; noncognitivists deny this. But even noncognitivists must recognize that our ascriptions of value fall into two fundamental classes—ascriptions of intrinsic value and ascriptions of extrinsic value—and so they too must concern themselves with the very same conceptual and substantive questions about value as cognitivists address. It may be that noncognitivism dictates or rules out certain answers to these questions that cognitivism does not, but that is of course quite a different matter from rejecting the very idea of intrinsic value on metaphysical grounds.