In the scientific literature little attention has been given to the use of dynamic light scattering (DLS) as a tool for extracting the thermodynamic information contained in the absolute intensity of light scattered by gels. In this article we show that DLS yields reliable measurements of the intensity of light scattered by the thermodynamic fluctuations, not only in aqueous polymer solutions but also in hydrogels. In hydrogels, light scattered by osmotic fluctuations is heterodyned by that from static or slowly varying inhomogeneities. The two components are separable owing to their different time scales, giving good experimental agreement with macroscopic measurements of the osmotic pressure. DLS measurements in gels are, however, tributary to depolarized light scattering from the network as well as to multiple light scattering. The paper examines these effects as well as the instrumental corrections required to determine the osmotic modulus. For guest polymers trapped in a hydrogel the measured intensity, extrapolated to zero concentration, is identical to that found by static light scattering from the same polymers in solution. The gel environment modifies the second and third virial coefficients, providing a means of evaluating the interaction between the polymers and the gel.