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