Experts from a world that no longer exists

Morgan Housel argues that the biggest risk to an evolving system is being held back by experts whose knowledge comes from a world that no longer exists, and that expertise has a shelf life. He points to Henry Ford's factory practice of not recording failed experiments, which kept workers from being deterred by lists of what had already failed. Housel also cites Marc Andreessen's view that 1990s internet ideas were correct but early, with Chewy now a $30 billion business after Pets.com was mocked. He adds that Treasury Secretaries Andrew Mellon in 1930 and Steve Mnuchin in 2020 held opposite views on stimulus.