think of it, a high number of the ideas of the industry or fields are more than 100 years old. Then the economics formal theory and mathematical theory are now handicapped by impractical assumptions or directly contradicted by real world data.
What do you think about economists, who study the theories of economics and brag about being vast in the study of economics, yet doesn't help or contribute sufficiently to control or stop world economic meltdown?
There is a very big difference between theoretical assumptions and practical reality. The world before now was ruled by elites who are scholars who based their everyday life from the results of their analysis gotten from ancient data and experiences and this information served as basis to solving problems that are related to human life and the economy of the world. This data did not fell them, but as the world grows, things become more dynamic and some of these data are being updated with the new world order.
This is the reason adaptation becomes the solution. Everyone must be ready to change with the ever dynamic world and to solve their problems with the resources available to them.