The role of the concept of invariance in physics and geometry is analysed,
with attention to the closely connected concepts of symmetry and objective
meaning. The question of why the fundamental equations of physical theories
are not invariant, but only covariant, is examined in some detail. The las
t part of the paper focuses on the surprising example of entropy as a compl
ete invariant in ergodic theory for any two ergodic processes that are isom
orphic in the measure-theoretic sense.