Dependent origination is the Middle Way between the extremes of existence and non-existence. The view of existence, or “eternalism,” imagines that fixed entities, independent of conditions and immune from change, can be found underlying the phenomena that do change. The view of non-existence, or “annihilationism,” imagines there is no continuity at all within change and the entities that do arise will eventually vanish completely without a trace. Dependent origination is the Middle Way which cuts through those views by pointing out the ceaseless interplay of causes and conditions, which is the process of becoming, rather than the eternalism of being or the nihilism of non-being. The Middle Way points out that while there are no fixed entities there is a flow of continuity within the process of change. In the following sermon, the Buddha expounds the teaching of the Middle Way to Kātyāyana:

“This world, Kātyāyana, for the most part depends upon a duality – upon the idea of existence and the idea of nonexistence. But for one who sees the origin of the world as it really is with correct wisdom, there is no idea of nonexistence in regard to the world. And for one who sees the cessation of the world as it really is with correct wisdom, there is no idea of existence in regard to the world.

‘This world, Kātyāyana, is for the most part shackled by engagement, clinging, and adherence. But this one [with right view] does not become engaged and cling through that engagement and clinging, mental standpoint, adherence, underlying tendency; he does not take a stand about ‘my self.’ He has no perplexity or doubt that what arises is only suffering arising, what ceases is only suffering ceasing. His knowledge about this is independent of others. It is in this way, Kātyāyana, that there is right view.

” ‘All exists’: Kātyāyana, this is one extreme. ‘All does not exist’: this is the second extreme. Without veering towards either of these extremes, the Tathāgata teaches the Dharma by the middle.” (Bodhi 2005, p.356-357)