According to the traditional interpretation, Aristotle’s ethics, and ancient virtue ethics more generally, is fundamentally grounded in self-interest, and so in some sense egoistic. Most contemporary ethical theorists regard egoism as morally repellent, and so dismiss Aristotle’s approach. But recent traditional interpreters have argued that Aristotle’s egoism is not vulnerable to this criticism. Indeed, they claim that Aristotle’s egoism actually accommodates morality. For, they say, Aristotle’s view is that an agent’s best interests are partially constituted by acting morally, so that (...) the virtuous person sees morality as essential to her happiness. (Call this, ‘the Constitutive Thesis’.) In this paper, I argue that the constitutive thesis is unpersuasive, both from a theoretical standpoint and (for similar reasons) as an interpretation of Aristotle. It is unpersuasive because it is much more demanding in both respects than several nonegoist alternatives. My argument builds on an objection originally offered by John McDowell. McDowell claimed (1) that the Constitutive Thesis requires that there are independent standards of self-interest that can be agreed upon in advance by all parties to the dispute, both virtuous and nonvirtuous; and (2) that there are no such standards. I argue that McDowell is mistaken. The orthodox position requires much less than McDowell claims if it makes an appeal to the distinctiveness of the virtuous person’s point of view. However, unfortunately for traditionalists, the price of this point of view defence is high. First, to be even remotely plausible, the revised orthodox view must be almost frighteningly complex. Second, once this complexity is exposed, the orthodox view is much less plausible than its major rivals, in particular those which appeal directly to moral reasons. (shrink)