Mainstream interpretations of the Phaedo take the dialogue to have a metaphysical theory at its core, primarily disagreeing on whether this theory is assumed without argument in the dialogue, or whether an attempt is made to justify it. This disagreement particularly bears on the interpretation of the ‘equals argument’ at 74a–c. The present discussion brings out a commitment shared by these different interpretations: they adopt a ‘top-down’ method, according to which the Phaedo must be understood in terms of premises and (...) arguments thought to be set out systematically in a wider group of Plato’s works. A rival ‘groundup’ approach is presented here, one which remains neutral on such questions, and instead makes use of material in the Phaedo itself to provide a philosophically interesting and plausible alternative. This interpretation develops a distinction between dramatic and philosophical levels of argument, and argues for a close connection between the discussion of equality and the ‘final argument’ at 100b–107b; it concludes that in the Phaedo Plato is primarily concerned with questions about explanation, rather than with presenting a metaphysical theory, and that the charges of dogmatism and obscurity occasioned by current interpretations are the result of distorted expectations about Plato’s aims. (shrink)