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The interplay between emotion and learning is a continuing source of debate and inquiry in organization studies, attracting an increasing number of important contributions. However, a detailed understanding of the interaction between emotion and learning remains elusive. In an effort to extend the existing debate, this article offers an alternative approach that draws on the tradition of pragmatist philosophy, where emotion and learning can both be defined as dynamic processes that emerge in the relational context of social transactions. The mutually constructing interplay between these two processes is then illustrated with an example of a collaborative project in which anxiety, love, guilt, and hostility are all entangled in the learning process.