What exactly is reasoning? While debate on this question is ongoing, most philosophers seem to agree on at least the following: reasoning is a mental process operating on contents, which consists in adopting or revising some of your attitudes in light of others. In this paper, I argue that this characterisation is mistaken: there is no single mental phenomenon that satisfies both of these conditions. Instead, I characterise two distinct mental phenomena, which I call ‘deducing’, on the one hand, and (...) ‘reasoning’ or ‘inference’ on the other, to play each of these roles. Recognising this division of labour is essential to developing a better understanding of our rational economy. (shrink)