This might have been true in Western civilization up until 18th century. Since industrial revolution started the pace at which the world is changing is so fast

This might have been true in Western civilization up until 18th century. Since industrial revolution started the pace at which the world is changing is so fast that by the time you reach your 70s most of your knowledge and life experience is already obsolete. That's why we leave elderly alone in nursing homes instead of keeping them close to use their wisdom.