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"All students should follow this rule". Hello, all of a sudden I was wondering if we can consider 'all' as an equal of 'students', "All=students" as "All = the students" in "All (of) the students" or it is just an adjective? I think "all" as a noun can function as an adjective, so we could consider it as a noun and an equal of following nouns. What do you think? Thank you as usual for helping me with tricky questions.
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Although many dictionaries mark all as an adjective, the word is a determiner, to be more accurate, although some regard determiners as types of adjectives. All can also be a pronoun, not a noun. As a pronoun, the word can be "equal", as you put it, to the noun for which it stands.

All students are required to wear proper attire. (determiner)
He reassured us that all was well. (pronoun)
Where are all of the carrots? (pronoun)

Note that few think that words like all, both, etc. are strictly determiners. I for one ignore this theory and keep things simple.
Thank you. So you mean we can consider All=students in 'All students should follow this rule' to be correct? Sorry about revising this reply.
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I'm not sure what you mean. Maybe this is it: In all of the students, all is a pronoun, so the answer is yes. Again, some would consider it a determiner phrase.
Thank you. So you mean we can consider All=students in 'All students should follow this rule' to be correct? Sorry about revising this reply and not being smart about it.
All students should follow this rule.

The sentence is correct.
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Thank you and sorryEmotion: smile, but I just would like to make it clear that 'All' as a pronoun can be equal to 'students' in the sentence?
All should follow this rule.

Yes. It's fine as long as the listener(ѕ) know whom you're talking about.