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We argue that logical semantics might have faltered due to its failure indistinguishing between two fundamentally very different types of concepts:ontological concepts, that should be types in a strongly-typed ontology, andlogical concepts, that are predicates corresponding to properties of andrelations between objects of various ontological types. We will then show thataccounting for these differences amounts to the integration of lexical andcompositional semantics in one coherent framework, and to an embedding in ourlogical semantics of a strongly-typed ontology that reflects our commonsenseview of the world and the way we talk about it in ordinary language. We willshow that in such a framework a number of challenges in natural languagesemantics can be adequately and systematically treated.

Logical Semantics and Commonsense Knowledge: Where Did we Go Wrong, and How to Go Forward, Again