Against the background of a ‘diagnosis’ of present-day mainstream psychological enterprise, the author explores in which way the application of the method of logico-conceptual critique may enhance the development of theory in psychology. Logico-conceptual critique is described as an heuristic device aimed at the detection and explication of logical tensions/defects/fallacies in psychological theories. It is stressed that the method necessitates the employment of the conceptual schemes of common-sense in terms of which psychological ‘subjects’ or ‘testees’ comprehend their real-life contexts. To apply the method, the author selected a particular research area (concept formation) and concentrated on theoretical positions emanating from three psychological metaphors, namely, man: the behaving machine; man: the mediatory ‘agent’ in the machine; and man: the information processor. Various logico-conceptual weaknesses in each of these positions are pointed out. It is concluded that logico-conceptual critique is an activity that should precede all experimentation, data gathering and theory building. Various suggestions are made as to how the conceptual schemes of common sense may become part and parcel of theory development in psychology.