In the aging process, from the developmental point of view is regressing and a collapse. This situation also manifests itself in the mental development of the elderly individual.
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Yes intelligence has deep connection with innovation and quick decisions. These two are declining with respect to aging. So youngsters are more intelligent then elders.
Young folks turn to be intelligent than older folks.This is because as a person grows he drop in agility; hence, his ability to thinking quickly and act with respect to decision making may happen at a slower pace.
I think the problem is not intelligence, but memory, in old age weak memory and less efficient neurotransmitters, which negatively affects intelligence