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Although closely related in meaning to homonym, lexicographers distinguish between polysemes, different uses of the same word, as walk the dog, take a walk, Lambeth Walk, going walking, which they define in a single dictionary entry, and homonyms such as fluke, which have multiple meanings and different etymologies, and are therefore separate definitions.
There is clearly a gray area between the two ideas, but homonyms are much better known to average speakers, while polysemes are a matter for specialists.
According to Dick Hebdige (1979, p.117) polysemy means, "each text is seen to generate a potentially infinite range of meanings," making, according to David Middleton (1990, p.165), "any homology, out of the most heterogeneous materials, possible. The idea of signifying practice - texts not as communicating or expressing a pre-existing meaning but as 'positioning subjects' within a process of semiosis - changes the whole basis of creating social meaning."