The purpose of this paper is to make clear (1) that the widely recognized formulations of the principle of induction do not express the most fundamental rule of induction; (2) that the current view concerning the probability of induction must be revised in terms of a frequency theory of probability; (3) that on this basis the problem of induction in its traditional form is a pseudo-problem; and (4) that the principle of induction must be interpreted as a ">pragmatic or operational maxim.