Perhaps I wasn't clear. I'm saying it's definitely moved. It's just moved in such a way that almost all of the new knowledge replaces rather than extends or builds on the old knowledge. Thus almost all effort learning the old knowledge was a waste and we can expect the same for learning it today.

Edit to respond to your edit: And I'm most definitely considering non-financial gains and losses. Consider my example of a PhD in psychology from the 70's, do you think it's a net positive to believe transgendered people have a pathology? Or that we should destroy the frontal lobes of unhappy housewives with icepicks?