What is the meaning and etymology of the word ʿĀlam?

Imam Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. According to the scholars of the Arabic language (Ahl al-ʿArabiyyah), it refers to all of creation from their beginning to their end. They also use ʿālam to refer specifically to the people of a given era.
2. According to the theologians (Ahl al-Naẓar), al-ʿālam refers to the entirety of created existence, including the celestial spheres, the heavens, the earth, and everything in between.

Concerning its linguistic root, there are two opinions:

1. It is derived from the root word ʿilm, meaning "knowledge". This is in line with in the interpretation of the linguists (that it refers to all created beings).
2. That it is derived from the root word ʿalāmah, meaning a sign., which supports the perspective of the theologians (that it refers to the cosmos). In this interpretation, the world is called ʿālam because it serves as a sign of the Creator.