Generally speaking, for the last 100 years or so, each preceeding generation has had to do more with less. We have ALL gotten lazier (on average) than our parents and their parents before them.
General respect comes from experience. There are a few fields where this does not matter, but many (Engineering being one of them, pick your own subdivision thereof), that benefit greatly from someone who has seen enough steel connections that just looking at one in the field is enough for them to say "hey, that thing might break!" (AND be right).
Does this mean that old folks are Gods? Not as much as in days of old where the only place for a LOT of knowledge was inside the head (or bookshelf) of the old guy in the village, but it still holds some clout.
There is a fine balance and interplay between knowledge, intelligence and imagination. You lack any one and you can be good at what you do, but not great. Lack two and you become a pencil pusher in your own respective field.
When a smart guy grows older and is still willing to learn more AND has a spark of creativity up inside the cranial cavity, he is definitely better than the young know-it-all fresh on the field.
But, one more thingto keep in mind. A Porche may be better than a BMW, but I would not turn down either if offered to me.