Abstract
A theory of holes in liquids is developed to account for the thermal and mechanical properties of the liquid state. The treatment is founded on the assumption that the thermal motion of the liquid is determined by the motion of its ``surface,'' this surface, however, to be understood in a broader sense so as to include internal boundaries of which the liquid forms as many as its number of degrees of freedom will permit. An equation of state is obtained and applied to liquid argon, and very close agreement with the empirical data is reached.

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