Do people who deny knowledge learned from books as "book learning" over estimate the value of knowledge gained from experience?

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If I don’t understand they way the world works, can we agree that you do not understand economics?

If the experience of the experienced person was more valuable than the low salary of a noob they would not fire the experienced person to cut costs, as his experience would justify a higher salary.

It seems you are saying confidence and supervisation of others is what make experienced people valuable to an organization, otherwise any noob with these skills could replace an experienced person.