I like the idea of standard design components, but sentences like these don't communicate anything.
Material Design has two parts: A physical structure based on how objects lie in the real world (particularly inspired by the physical appearance paper and ink), and animations that seem magical, playful, or imaginative.
This lays out the inspiration behind material design, and differentiates it from skeumorphism: which copies real world elements unimaginatively, and simple "flat" design, which is not necessarily tactile or imbued with a system of animations or motion.
It's a bit puffed up in the obtuse humanities style, but I do get its meaning.
Its occurrence here indicates that Google hires expensive design professionals with impressive ad industry résumés, I guess.
Please watch the video where they introduced material design (way back at some I/O) to see what all those words mean.
It's a design brief that explains how the new Pepsi logo is the physical manifestation of the grand unified 'theory of everything'.... or something like that. I still can't figure out whether it's meant as a parody.