Complex Algorithms: Are They Still Something That Young Developers Should Know?

I've been a Java developer for the last three years, and I have developed many applications. What I have oberserved over the time was that the most of thecoding is just simple if-else and/or loops. You rarely have to code a really complex algorithm.

So I am considering whether is it really worthy for young developers to know complex algorithms?  One more aspect to this is that these days we have a large variety of huge memory disks available at cheaper rates, so do we really need to take care the memory in our code ?

This is my very first article I have ever written to Java Lobby, so I dont know whether it is the right format or not but I am just passionate to be in the circle of knowledge with you respected guys. So please ignore minor mistakes if i made any.

Regards

Amir Iqbal