If PM's ramified types can be reduced to simple types for most mathematical purposes—as Church and others argued—then the equiconsistency bridge to ZF is substantive, not merely formal.
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A simpler version of Russell's type system that still organizes objects into categories but without the extra layers, making it easier to work with.
Substantive vs. merely formal(describing whether the logical bridge between systems is truly important)
Substantive means the connection reveals something real and meaningful about mathematics; merely formal would mean it's just a technical trick with no deeper significance.
ZF (Zermelo-Fraenkel set theory)(as used in mathematical logic)
The standard foundation of modern mathematics—a set of agreed-upon rules for how collections (sets) work and interact.