There's no reason, after all, why Legolas wouldn't have independently invented skating down stairs on a board-like object, but that isn't my first thought.
I had a lot of thoughts like that when first exposed to fantasy as my inclination was that stories like this were meant to be set in a "mythological made real" past, but it goes away once you get to understand the set up behind these concepts (the same goes for the whole language thing which is pretty common in fiction like this) - A lot of fantasy stories are not set on Earth, but on completely different worlds and their development is separate from that of our own as a result of added factors; namely, the mythological and fictional creatures that are tossed into the mix... such as elves. When you have entirely new species running around that have different levels of intelligence, different physical capabilities, different cultural drives, and (yes) different magical attributes then "realistically" ideas and such will pop up at a different rate.
With our own history, you could take out a handful of people and add in a handful of others and the development of ideas would have gone completely differently. There were people like Copernicus, Galileo, Einstein, etc., who were ahead of their time and if not for them then someone may not have unlocked the knowledge they contributed to us for who knows how much longer. Likewise, who knows what knowledge we "lost" because people died young or because people were pushed in different directions by parents/society. Small changes in the lives of a few individuals could have led us living in who know what kind of civilization right now.
So if we imagine a world where there are entire civilizations of curious gnomes and wise old elves, the logical conclusion would be that this would have a significant impact and cause things to go differently than it did for us. The problem people seem to get caught up on is the whole medieval aspect. But, basically, the idea tends to be that either it's an example of a parallel civilization or medieval humans somehow found their way to this magical world (I'm not much of a Tolkien fan so I could be off, but I think the concept is that everything takes place on lost continents that European humans reached by boat). They are then kept in that state for thousands of years because magic acts as a replacement for technological development. You do have highly intelligent curious species like gnomes who like to tinker with ideas and create things like hot air balloons (this is commented on a lot by people who don't know fantasy that well and don't expect to see such a development in a medieval setting) and gear based devices, but many of the inhabitants depend on magic to cure diseases, help them fight wars, and make their lives easier in various other ways. Therefore, the drive to fix these problems through natural development is not the same as it was for us. Further, you tend to have the people who wield this magic in positions of power and the last thing they want to do is lose that and so they can sometimes stifle developments that they see as a threat.
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