This paper deals with the problem of value in the psychoanalytic theory of human nature and culture. In particular, it is concerned with this problem in the theory as it was expounded by Freud. First, I shall show how the problem of value is an integral part of the therapeutic situation which Freud encountered. In regard to Freud's own assessment of the problem, I shall point out some difficulties of a cognitive and a moral nature for which his theory must, but cannot, account. In the second part of the paper I shall show how the problem of value is an indispensable component of Freud's overall theory of man and culture, what may be called his “general theory.” This part will be concerned with its peculiar normative and scientific status. I shall try to show how descriptive and prescriptive ethics are (1) confused in Freud's theory and (2) that it is a confusion that cannot be avoided if the theory is to serve the purpose that Freud seemed to believe it must serve, namely, as a science not only of what man is but also of what man ought not to be.