The solution of many logicians to these paradoxes is that statements simply should not talk about themselves. Logicians have classified self referencing statements into types depending on exactly what the nature of the reference is a type 0 statement is one that makes something else its subject. A type one statement is one whose subject is itself. Type two statements are ones whose subject is statements about itself. type three have sujects about statements about the statement and so on and so forth. Many logicians simply ban statements of order higher than 0. So in the case of russels paradox when disregarding higher order statements M does not contain itself because that would require applying M to itself making a type 1 statement that is meaningless.
The story of self reference does not stop there however but only gets more interesting. Take the law of the excluded middle which states that for any proposition p The statement P or not P is true. So take for instance the statement The earth is a banana. Applying the law of the excluded middle we know that the statement "The earth is a banana or the earth is not a banana." is true regardless of the earths state of fruitiness. The law of the excluded middle is essentially the same as the principle of bivalence. Bivalence is the proposition that all statements are either true or false. If we hold all logical statements of higher order than 0 to be meaningless then we needn't challenge the validity of the principle of bivalence. However allowing self referential statements to keep some sort of significance we are necessarily brought to the conclusion that not all statements need be true or false. Since Since the proposition "this statement is false" is valid we must admit that it can neither be proved true or false. These sorts of statements take up the space of that so called "excluded middle". Godel echoed this sort of statement when he proved that in any set of axioms if they are consistient they are not complete. Meaning that if every statement in the system can be proved true or false according to the axioms that in fact every statment can be proved both true and false.
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