In this lesson Leonard Peikoff explains Ayn Rand’s distinctive concept of objectivity and contrasts it with two basic (and mistaken) theories of the relationship between consciousness and existence which have dominated the history of thought since ancient Greece: intrinsicism and subjectivism. Peikoff provides valuable guidance on recognizing how both intrinsicism and subjectivism can show up in and distort one’s approach to thinking and valuing. The lesson also establishes the foundation for understanding the next three lessons, which deal with false, but prevalent, thinking methodologies.