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Is it better to have a lot of mana and constantly cast spells and curses, or to have powerful but fewer combat spells?
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I wouldn't say so. I played an Orc with a good education, and at level 27, with artifacts, his knowledge was 8. Although, of course, neither knowledge nor education is really needed for an Orc, but even for a Tech Elemental, knowledge grows slowly, and mana is very much needed.
The Town Portal's mana regeneration is slow, but on large maps, it will almost always result in a high mana pool.
Combat effectiveness on any map depends on the speed of development. And if, after capturing each mine, you have to spend a day recharging mana, then there's not much hope.
Sorcery is better for Chaos and Summoning magic, while Knowledge is better for Light and Darkness. But don't overdo it with Knowledge, as mages sometimes have hundreds of mana for cheap and weak spells.
As for the mage and his knowledge, you can never have too much, and the more he knows, the better, because it directly affects the level of minor artifacts.
Still, mages often have very little mana, so you can't make a good Chaos or Summoning mage, even though they often get Summoning spells.