Lyric —
Everybody want to sell what’s all ready been sold
Everybody wants to tell what’s all ready been told
All that glitters aint gold
Prince — Gold
Lesson —
New ideas are rare. Most come from the musing of others.
Often all we are sold is the regurgitation and repackaging of those with origins reaching back many years.
So before we dismiss the past as irrelevant, we would be wise to consider its impact on the present.
It provides us with a wealth of wisdom.
It prevents us from repeating mistakes.
And it prepares us to meet present and future challenges.
Same things, different ways —
In my final year at school, we read L.P. Hartley’s ‘The Go-Between’. I recall little of it other than the opening line; “The past is a foreign country: they do things differently there”.
Note Hartley’s word choice; “they do things differently there”. Not, “they do different things there”, but “they do things differently”.
Essentially, they do the same things, but in different ways.
As technology advances, we push boundaries, we develop. But often, all we develop are the ideas of others.
In the same way, are the challenges we face so different from those our ancestors faced?
I think not. Our fears are the same, but for the separation of time.
They too faced down job losses, health problems, inequalities, and addictions. So if anything, they taught us how to overcome and endure.
The past then is more than just a foreign country. It is a reservoir of wisdom for those willing to draw from it.
Reason # 1 The Past Presents
“There is nothing new under the sun “ — Solomon
Many who come with the promise of gold sell only a cheap imitation. Whilst others simply sell what has already been sold.
Genuinely new ideas and concepts are rare. Most are existing ideas others have added onto, developed to account for time and circumstance.
But in these developments, we can find real gold.
Why? — They are rich in collective wisdom.
“The dead outnumber the living 14 to 1, and we ignore the accumulated experience of such a huge majority of mankind at our peril”
The quote from historian Niall Ferguson was used in a blog post by Morgan Housel in 2018. He said, “The biggest lesson from the 100 billion people who are no longer alive is that they tried everything we are trying today.”
The point is not to give up nor immediately discredit new ideas as worthless, but to recognise the role that history has played in shaping the ideas and concepts we now use. And to appreciate the potential it holds to help us solve current problems.
The past is a source of innovation and creativity.
We should learn from it. Build on its ideas. Make things better.
The past presents collective wisdom.
Reason # 2 The Past Prevents —
“Those who cannot remember the past are doomed to repeat it” — George Santayana
Yet despite this warning, we repeatedly do.
Our memories are short; we suffer from an overconfidence bias in our decision-making, and we are taken in by silver-tongued salesmen selling dreams.
Self-reflection would prevent many mistakes. And when it does not, the reflections of the 100 billion others who have gone before us certainly will.
So make it a habit to reflect on your experiences and those of others. Talk to people. Ask them questions.
Much of making progress in life comes from learning from our mistakes. But, quite simply, you will not live long enough to make all the mistakes you need to succeed.
So learn to learn from others, especially those with more experience.
Your growth will compound as a result.
The past prevents mistakes.
Reason # 3 The Past Prepares
“Look back over the past with its changing empires that rose and fell, and you will see the future too” — Marcus Aurelius
The Roman Emperor and philosopher Marcus Aurelius was known as the last good emperor of Rome. Under him, Rome enjoyed stability, but following his death, the empire fell into civil war, lasting many years.
Perhaps Rome remained stable during his reign due to the wisdom he had acquired. And perhaps that same wisdom warned him the peace would never last.
In Ray Dalio's ‘Economic Principles’, he explains that economic cycles repeat and that the reason we often fail to recognise this is due to shortsightedness.
We tend only to look across our lifetimes to anticipate events — if we do it at all.
But if we adjust our horizons accordingly, we would realise that recessions come and go. Pandemics come and go too. And empires rise and fall.
But whilst patterns are evident across history, their timings are not.
However, that is not the point. Predictions are a fool’s errand.
Better to prepare than predict.
When there is a reasonable chance that a recession will come in our lifetimes, should we not adjust at least some of our behaviours in anticipation?
We need not live in a state of perpetual fear, never taking any risks. But nor should we be completely blind-sided either.
History allows us to prepare — both by becoming more aware of likely events and, crucially, how we might best respond to them. And this is best done when we consider the experiences of others.
The past prepares.
A reservoir of wisdom for those willing to draw from it
The past provides opportunities for growth.
As Will Durant observes —
“The present is the past rolled up for action, and the past is the present unrolled for understanding”
It presents the collective wisdom needed for progress, the hindsight for prevention, and the opportunity for preparation.
And it provides perspective.
Our challenges are the same ones faced by countless others. The only difference is that we often fail to recognise it.
We are sold what has been sold and told what has been told.
And whilst everything that glitters ain’t gold, there is still plenty to be found for those willing to learn from the past and build on the ideas of others.
