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Librarians aren't subject matter experts on these technical fields, so it is very hard for them to know if a work is still relevant. They may be inclined to keep the "Learn Excel Today (now updated for version 3.0!)" because they know people still use Excel, while the Art of Computer Programming looks like a relic from the 70s that surely can't still be relevant, right?

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A look at the blog mentioned in the article proves you right: http://awfullibrarybooks.net/knapsack-problems/ I don't know the book, but it doesn't seem outdated to me.

This book is available as a PDF from the author's website: http://www.or.deis.unibo.it/knapsack.html

I think what made the librarian think it was outdated was that it came with a 5.25" floppy disk.

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