This is a translation of Professor S. Morris Eames' article on Dewey's Theory of Valuation. The article purports to trace the development of Dewey's theory of value, to analyze some of the important concepts in Dewey's theory, and to point out its limitations. Dewey rejects various kinds of reductivist theories of value, and emphasizes the idea of continuity. On these two accounts Dewey's theory is very similar to traditional Chinese theories of value. But there are also significant differences. This is why I choose to translate this article into Chinese with the hope that it may serve as a basis for interesting comparative studies.