This lecture argues for a theory of play that departs from the Freudian analysis of pleasure and pain that associates pleasure with the resolution of a psychic tension or anxiety rather than with play and its ambiguities. It advances the idea that poetry, the domain of the aesthetic, eroticism, as well as that of the sacred involve forms of play. Play is here conceptualized in its positive aspect as an experience beyond reflective consciousness or calculation and that relates instead to the improbable, the fascinating, the risky and thus to the death instinct. To that extent, the decisive part of play concerns the role of the unconscious in its elaboration. It is from such a perspective that it proposes the identity of pleasure and ...