I'm pretty sure that the association of wisdom and age came from a time when everyone died at 40, and there were no books/written word or the internet
without these sources of knowledge, everyone who had managed to live a long time and learned about the world bit by bit over their experiences would seem like a genius god.
These days elderly folks are actually at a knowledge disadvantage compared to younger people, given that all knowledge flows through tech devices and old people are much less adept at their usage.
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