Abstract. Value judgments are meaningless. This thesis was one of the notorious tenets of Carnap’s mature logical empiricism. Less well known is the fact that in the Aufbau values were considered as philosophically respectable entities that could be constituted f rom value experiences. About 1930, however, values were banished to the realm of meaning-less metaphysics, and Carnap came to endorse a strict emotivism. The aim of this paper i s to shed new light on the question why Carnap abandoned his originally positive attitude concerning values. It is argued that Carnap’s non-cognitivist attitude was the symptom of a deep-rooted and never properly dissolved tension between his conflicting inclinations towards Neokantianism and Lebensphilosop...