A neologicist set theory based on an abstraction principle (NewerV)
codifying the iterative conception of set is investigated, and its strength
is compared to Boolos's NewV. The new principle, unlike NewV, fails to imply the axiom of replacement, but does secure powerset. Like
NewV, however, it also fails to entail the axiom of infinity. A set
theory based on the conjunction of these two principles is then examined. It
turns out that this set theory, supplemented by a principle stating that
there are infinitely many nonsets, captures all (or enough) of standard
second-order ZFC. Issues pertaining to the axiom of foundation are also
investigated, and I conclude by arguing that this treatment provides the
neologicist with the most viable reconstruction of set theory he is likely
to obtain.