Structural realism has been proposed as an epistemological position interpolating between realism and sceptical anti-realism about scientific theories. The structural realist who accepts a scientific theory T thinks that T is empirically correct, and furthermore is a realist about the 'structural content' of T. But what exactly is 'structural content'? One proposal is that the 'structural content' of a scientific theory may be associated with its Ramsey sentence [real](T). However, Demopoulos and Friedman have argued, using ideas drawn from Newman's earlier criticism of Russell's structuralism, that this move fails to achieve an interesting intermediate position between realism and anti-realism. Rather, [real](T) adds little content beyond the instrumentalistically acceptable claim that the theory T is empirically adequate. Here, I formulate carefully the crucial claim of Demopoulos and Friedman, and show that the Ramsey sentence [real](T) is true just in case T possesses a full model which is empirically correct and satisfies a certain cardinality condition on its theoretical domain. This suggests that structural realism is not a position significantly different from the anti-realism from which it attempts to distinguish itself.
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