There are various other arguments, but the complete picture suggests to me
that both are true. Words are stored as wholes, with vowels, but that
abstractions are made (mostly without awareness) of consonantal skeletons
that are invariate across many related forms. The preponderance of written
Hebrew without vowels would reinforce such abstraction I think.
Just some thoughts on the matter,
regards
Matthew Anstey<
comment:
Your points one and two may be dealing with different matters.
For meaning and lexemes, #1 would seem to be the reality.
for morphology, #2 is true.
Thus #1deals with derivational morphology, #2 with 'inflectional'.
"Words have meanings, not etymologies."