Definition of Alam or awlam:

1. eon or age (noun)
2. eonian, that is of the eon or of the age (verb)
   

05957 םלע 'alam (Aramaic) aw-lam'
The root word from which olam/owlam is taken is the Aramaic word, alam or awlam.  Olam and alam are synonyms for the New Testament words, aion, and aionios.

Problems with alam:

Problems arise whenever anyone goes beyond Scripture.  That is, when anyone adds to Scripture or takes from Scripture.  A theology has been developed that goes beyond the Bible on the one hand by saying such things as "there is no hell," "there is a hell, but hell is not all that bad," "God would never correct anyone through punishment," or "all ways lead to God."  I'm sure that there are other examples of this extreme view.  On the other hand, a robust theology has developed beyond the Bible that makes the Scripture conflict with itself.  This is a problem if we are to believe the entire Bible.  This extreme dogma causes some theologians to find extra-biblical reasons to rationalize away the Scriptures that plainly say such things as, "As in Adam all die, so in Christ shall all be made alive."  Some people do not, as a result, believe in the restitution of all things, which is also a plain teaching of Scripture just as Hell is a plain teaching of Scripture.  Sometimes, the best answer is, "We believe it all, but God has not yet told us how He is going to do this." 

Without a volume of cleverly deceitful human rationalism of the actual message of the Bible, the following types of false beliefs would not be accepted by anyone: "all ways lead to God"  "There are ways, other than Christ, to God."  "There is no hell"  "Hell is not that bad"  "Hell is enternal"  "Hell is very short"  "God's punishments are not remedial"  "There will never be a restitution of all things"

Ezra 4:15 That search may be made in the book of the records of thy fathers: so shalt thou find in the book of the records, and know that this city is a rebellious city, and hurtful to kings and provinces, and that they have moved sedition within the same of old <05957> time: for which cause was this city destroyed.
Ezra 4:19 And I commanded, and search hath been made, and it is found that this city of old <05957> time hath made insurrection against kings, and that rebellion and sedition have been made therein.
Daniel 2:4 Then spake the Chaldeans to the king in Syriack, O king, live for ever <05957>: tell thy servants the dream, and we will shew the interpretation.
Daniel 2:20 Daniel answered and said, Blessed be the name of God for ever <05957> and ever <05957>: for wisdom and might are his:
Daniel 2:44 And in the days of these kings shall the God of heaven set up a kingdom, which shall never <05957> be destroyed: and the kingdom shall not be left to other people, but it shall break in pieces and consume all these kingdoms, and it shall stand for ever <05957>.
Daniel 3:9 They spake and said to the king Nebuchadnezzar, O king, live for ever <05957>.
Daniel 4:3 How great are his signs! and how mighty are his wonders! his kingdom is an everlasting <05957> kingdom, and his dominion is from generation to generation.
Daniel 4:34 And at the end of the days I Nebuchadnezzar lifted up mine eyes to heaven, and mine understanding returned to me, and I blessed the most High, and I praised and honoured him that liveth for ever <05957>, whose dominion is an everlasting <05957> dominion, and his kingdom is from generation to generation:
Daniel 5:10 Now the queen, by reason of the words of the king and his lords, came into the banquet house: and the queen spake and said, O king, live for ever <05957>: let not thy thoughts trouble thee, nor let thy countenance be changed:
Daniel 6:6 Then these presidents and princes assembled together to the king, and said thus to him, King Darius, live for ever <05957>.
Daniel 6:21 Then said Daniel to the king, O king, live for ever <05957>.
Daniel 6:26 I make a decree, That in every dominion of my kingdom men tremble and fear before the God of Daniel: for he is the living God, and stedfast for ever <05957>, and his kingdom that which shall not be destroyed, and his dominion shall be even to the end.
Daniel 7:14 And there was given him dominion, and glory, and a kingdom, that all people, nations, and languages, should serve him: his dominion is an everlasting <05957> dominion, which shall not pass away, and his kingdom that which shall not be destroyed.
Daniel 7:18 But the saints of the most High shall take the kingdom, and possess the kingdom for ever <05957>, even for ever <05957> and ever <05957>.
Daniel 7:27 And the kingdom and dominion, and the greatness of the kingdom under the whole heaven, shall be given to the people of the saints of the most High, whose kingdom is an everlasting <05957> kingdom, and all dominions shall serve and obey him.