Twardowski's distinction between actions and products is one of his most celebrated contributions to the Lvov-Warsaw School and to philosophy in general.¹ The distinction is intended to serve several purposes: It should help to steer a middle course between psychologism and Platonism in logic and epistemology; it should support a non-relativistic conception of truth; and it should provide a theory of linguistic meaning as a special kind of psycho-physical product. There is, however, a serious problem in interpreting Twardowski's distinction, since it can be drawn either on the ontological level as a distinction between two kinds of entities, or on the conceptual level as a distinction between two ways of conceiving of just one kind of entity. Depending on how one resolves this ambiguity, Twardowski's distinction behaves quite differently in its intended applications.