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I agree that theory and appication are interconnected and aren't very seperable. However, in a "what's more important" sense, I would go with application. Knowing something but having no use for it in the practical world isn't helpful to society at all (until a use is found for that knowledge). Also, people can be easily trained to learn a technique, process, or trade without really knowing the theory behind it, and be good enough to use it for the benefit of others. Of course, repeated application leads to theoretical understanding, but that brings me around to my first point.
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