This essay attempts to clarify the position of Nāgārjuna in the history of Buddhist philosophy by comparing the concept of emptiness in the Pāli Nikāyas and the Mūlamadhyamakakārikā. It is argued that the identity of samsāra with nirvāna, the emptiness of svabhāva of all dharmas, and the equating of emptiness and dependent arising are not revolutionary innovations of Nāgārjuna or the second turning of the wheel of Dharma, but orthodox philosophical moves entailed by the teachings of early Buddhism.