The recent discussions on “The Right and the Good” show that the reconciliation between formalism and teleology is still a problem. Some of the contending parties lean more strongly towards formalism, others towards teleology; but neither side has, I believe, done equal justice to formalism and teleology. To review the whole discussion is beyond the scope of this paper. Instead, I propose to suggest in outline a theory which may possibly harmonize the essential tenets of both parties.