The Nature of Knowledge in Different Fields

There are two distinct forms of knowledge: cumulative and cyclical. In fields like medicine, knowledge is cumulative, allowing each generation to build on the learning of the previous one, ultimately leading to improved practices and successes over time. Conversely, investing is characterized by cyclical knowledge, where lessons from the past are often forgotten, requiring new generations to relearn the same critical lessons about greed, risk, and fear. Understanding these differences is vital as it affects decision-making in these areas and reflects on how society learns from its past experiences.