I have 4 books in the "The art of computer programming" series on my desk. They've been more or less decoration for several years, until I ran into a problem I couldn't google. Since I read them, I had an idea of where to start, and I used it as inspiration to craft a new solution tweaked from one of these foundational algorithms.
That said, not everyone is strong in algorithm development, and you can be a kick ass programmer without that skill. I'd only ask these questions if I needed someone with that skill on my team.