An oscillator is an amplifier that uses positive feedback to generate an output waveform without any external input signal. Positive feedback occurs when part of the output is fed back to the input in phase with the original signal. For oscillations to occur, the total phase shift around the feedback loop must be 180 degrees and the product of the open loop gain and feedback must equal unity, as stated by Barkhausen's criterion. The document discusses the basic theory, concept of positive feedback, and conditions for oscillations in an oscillator circuit.