Communication using natural language is remarkably e cient, by allowing reuse (through the use of generative devices) of a nite vocabulary to describe a potentially innite set of situations. This vocabulary reuse contributes to words having many related senses (polysemy). Further, meanings can be relatively vague or precise; in other words, varying in their degree of speci cation of meaning. I suggest that these problems can be addressed by developing a knowledge representation which makes explicit the notion of granularity. As the grain size changes, we may fold certain distinctions, or split meanings more nely. In this paper, I formalize a theory of granularity and demonstrate how it can be applied to problems of meaning representation. S...