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śabda-jñāna-anupātī vastu-śūnyaḥ vikalpaḥ

शब्दज्ञानानुपाती वस्तुशून्योविकल्पः

Imagination is knowledge following words empty of substance

śabda - words, sound, language

jñāna - knowing; knowledge; higher knowledge
anupātin - following

vastu - any really existing or abiding substance or essence, thing, object

śūnya - empty

vikalpa - false notion, fancy, imagination

Commentary by Paul Harvey:

Imagination is knowledge that comes from words empty of substance.