The song "Father and Son" is about a son who feels his ambitions and dreams are being oppressed by his father, who wants the son to follow in his footsteps rather than pursue his own path. The father is advising the son not to lose what he already has for dreams that may never happen, leaving him with nothing. It depicts a classic conflict between a father wanting his son to follow tradition versus the son wanting to strike out on his own.
3. I think the song is about the son had his
ambitions and feels the father is forcing his way
onto him and not letting him be himself and the
son feels his ambitions, dreams and ideas are
oppressed and dismissed and wants to leave and
follow his dreams. The father is just advising
him, don't lose everything you have (and could
have) for dreams that may never happen because
then you will have nothing.
So its a classic case of father wanting son to
follow in his footsteps and son not wanting that.