This article offers a new interpretation of Piaget's decanting experiments, employing the mathematical notion of equivalence instead of conservation. Some reference is made to Piaget's theories and to his educational legacy, but the focus in on certain of the experiments. The key to the new analysis is the abstraction principle, which has been formally enunciated in mathematical philosophy but has universal application. It becomes necessary to identity fluid objects (both configured and unconfigured) and configured and unconfigured sets-of-objects. Issues emerge regarding the conflict between philosophic realism and anti-realism, including constructivism. Questions are asked concerning mathematics and mathematical philosophy, particularly over the nature of sets, the wisdom of the axiomatic method and aspects of the abstraction principle itself.