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I want to know if is there any specific algorithm that can be followed to understand the meaning of a word/sentence/paragraph. Basically, I want to write a program that will take text/paragraph as input and try to find out what its meaning is. And thereby highlight the emotions within the text.

Also, if there is an algorithm to understand things, can the same algorithm be applied to itself? It reduces the quest further to a point where we become interested in knowing the meaning of meaning OR rather definition of definition.

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Natural language processing (NLP) studies how to enable a computer to process and understand the language used by human beings in their daily lives, to comprehend human knowledge, and to communicate with human beings in a natural language.  There are many applications of NLP like information retrieval (IR) from the data, knowledge extraction, question-answering (QA) systems, text categorization, machine translation, writing assistance, voice identification, composition, and many more.

You can find various algorithms that help to understand the meaning of the sentences in the following link:

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