Mark Twain aruged that everyone talks about the weather but no one does anything about it.  With grading it is the opposite, we call do it but we don't talk much about it.  Daryl Close, of Heidelberg University, has a new article that presents a theory of grading and that draws out the implications of that theory for many of the practical question that face the typical professor. TΦ101 is hoping to get a copy of the article itself, but for now readers can get it from Teaching Philosophy.