There has been considerable discussion recently of consequentialist justifications of epistemic norms. In this paper, I shall argue that these justifications are not justifications. The consequentialist needs a value theory, a theory of the epistemic good. The standard theory treats accuracy as the fundamental epistemic good and assumes that it is a good that calls for promotion. Both claims are mistaken. The fundamental epistemic good involves accuracy, but it involves more than just that. The fundamental epistemic good is knowledge, not mere true belief, because the goodness of an epistemic state is connected to that state's ability to give us reasons. If I'm right about the value theory, this has a number of significant implications for ...