The psycho-analytic concept of the internalized representation of the object is described as existing under two separate conditions: in the presence and in the absence of the object. Logical, observational, and scientific arguments for such a distinction are presented. Further clinical examples illustrate the usefulness of the distinction in thinking about patients. Change in psycho-analysis is observed in the light of the distinction Finally, the relation of the distinction to the economic metapsychological point of view is examined.