This article reconstructs the ethical proposal of “classic phenomenology” as developed by E. Husserl and M. Scheler. On this view, the notion of value is inscribed within the sphere of “reason”, but of a broader reason, which is a genuine “emotional reason” that connects (subjective) emotions and (objective) values. To this end, the article takes the Husserlian perspective of a subjective-transcendental phenomenology which distances itself from objectivism, and so avoids a possible objetivist reading of Scheler’s theory.