The equation is further simplified[141] by rewriting the right-hand side as PT, where P is the weighted _average_ of all the p's, and T is the _sum_ of all the Q's. "P then represents in one magnitude the level of prices, and T represents in one magnitude the volume of trade." It may seem like captious triviality to raise questions and objections thus early in the exposition of Professor Fisher's doctrine. And yet, serious questions are to be raised. First, in what sense is there an equality between the ten pounds of sugar and the seventy cents? Equality exists only between _homogeneous_ things. In what sense are money and sugar homogeneous? From my own standpoint, the answer is easy: money and sugar are alike in that both are _valuable_, both possess the attribute of economic social value, an absolute quality and quantity. The degree in which each possesses this quality determines the exchange relation between them. And the degree in which each other good possesses this quality, taken in conjunction with the value of money, determines every other particular price. Finally, an average of these particular prices, each determined in this way, gives us the general price-level. The value of the money, on the one hand, and the values of the goods on the other hand, are both to be explained as complex social psychological forces. But when this method of approach is used, when prices are conceived of as the results of organic social psychological forces, there is no room for, or occasion for, a further explanation in terms of the mechanical equilibration of goods and money. Professor Fisher, as just shown, very carefully excludes this and all other psychological approaches to his problem of general prices, and has no place in his system for an absolute value. In what sense, then, are the sugar and the money equal? Professor Fisher says (p. 17), that the equation is an equation of values. But what does he mean by values in this connection? Perhaps a further question may show what he _must_ mean, if his equation is to be intelligible. That question is regarding the meaning of T.