Remember: Just because an idea is old doesn't mean it's good.
Knowing whether old ideas are more likely to be good requires understanding whether conditions have changed in important ways.
Horse archery was an amazing method of warfare for over a thousand years...then people invented guns, and suddenly this great idea that had stood the test of time became obsolete.
Then again, when underlying conditions don't change much, tried-and-true approaches are probably better.
"Learning the lessons of history" usually just means assuming ergodicity and stationarity in an informal time-series model...
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