It is much debated whether Aristotle’s conception of happiness includes all valuable goods or only intellectual activity of a certain kind . Our analysis of movement and activity yields a number of distinguishing features to which the eulogy for contemplation in EN X, 6-8 is referring. Moreover, good practice has the same ontological features as producing, certainly not a candidate for happiness. Man has many powers that can be actualised in their limit of perfection, but only one is an activity (...) and that is contemplation. So an analysis of the ontological basis of Aristotelian ethics leads to the conclusion that happiness must be understood along the lines of exclusivism. (shrink)