 The central concept around which all of Nāgārjuna’s philosophy is built is the notion of emptiness (śūnyatā). Emptiness is of course always the emptiness of something, and the something Nāgārjuna has in mind here is svabhāva. Different terms have been used to translate this word into English: “inherent existence” and “intrinsic nature” appear to be the more popular choices, but “substance” and “essence” have also been proposed. None of these cover the full complexity of the term, however. We therefore have to give some more detailed account of the way svabhāva is characterized in Nāgārjuna’s thought. By understanding what empty things are supposed to be empty of we simultaneously gain a more precise understanding of the concept of emptiness.