Madhyamaka (Sanskrit: Madhyamaka, Chinese: 中觀派; pinyin: Zhōngguān Pài; also known as Śūnyavāda) refers primarily to a Mahayana Buddhist school of philosophy founded by Nagarjuna. According to Madhyamaka all phenomena (dharmas) are empty (śūnya) of "nature," a "substance" or "essence" (svabhāva) which gives them "solid and independent existence," because they are dependently co-arisen. But this "emptiness" itself is also "empty": it does not have an existence on its own, nor does it refer to a transcendental reality beyond or above phenomenal reality.
Madhya is a Sanskrit word meaning "middle". It is cognate with Latin med-iu-s and English mid. The -ma suffix is a superlative, giving madhyama the meaning of "mid-most" or "medium". The -ka suffix is used to form adjectives, thus madhyamaka means "middleling". The -ika suffix is used to form possessives, with a collective sense, thus mādhyamika mean "belonging to the mid-most" (the -ika suffix regularly causes a lengthening of the first vowel and elision of the final -a).
In a Buddhist context these terms refer to the "middle path" (madhyama pratipada) between the extremes of annihilationism (ucchedavāda) and eternalism (śassatavāda), for example:
ity etāv ubhāv antāv anupagamya madhyamayā pratipadā tathāgato dharmaṃ deśayati | - Kātyāyana Sūtra.
Note that in both words the stress is on the first syllable.
Central to Madhyamaka philosophy is śūnyatā, "emptiness." The term refers to the "emptiness" of inherent existence: all phenomena are empty of "substance" or "essence" (Sanskrit: svabhāva) or inherent existence, because they are dependently co-arisen. At a conventional level, "things" do exist, but ultimately they are "empty" of inherent existence. But this "emptiness" itself is also "empty": it does not have an existence on its own, nor does it refer to a transcendental reality beyond or above phenomenal reality.