This is a phrase that is commonly heard whenever a person tries to accomplish a task that has already been done many times over. It is frequently used within the engineering community by those who hold court over other engineers under their control. Certainly it is a valid statement to make when time is of the essence and time spent reinventing is a waste of money.
But, reinventing something is a most common and important part of the education process. Someone will "reinvent" something when they are not aware that it has already been done. He may realize later on that he has reinvented something, but he now knows how it works. In the commercial world, it is regarded as a waste of time and money, a company's big concern, but to the individual, it has been a learning experience.
To reinvent the wheel, one has to understand how and why the wheel was invented in the first place. It is basic knowledge and without that you cannot go on to invent something new. Students performing experiments in a school lab are actually reinventing the wheel. That is part of their education; that is how they learn. There are many things that have been invented and not covered in school. The process of reinvention is necessary if that person is to develop further. I have been accused of reinventing many times and that was because I didn't know the basics. After going through an exercise, many would call an exercise in futility, I now know the how's and whys, certainly not a waste on my part.
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