Bearingdefinition engineering

If I should choose between the two sentences, I would choose the second one. Alternatively, I would rephrase the sentence, but I don't see any reason to not use about.

The meaning of bearing on is "relation or relevance" (bearing is a noun). The meaning of about is (among others) "on the subject of; concerning."

Bearingdefinition in surveying

bearing (n., pl. bearings) 1. A mechanical device that supports another part and/or reduces friction. 2. (nautical) The horizontal angle between the direction of an object and that of true north; >subject to variation and deviation when taken by a magnetic compass 3. Relevance; a relationship or connection. "That has no bearing on this issue." 4. One's posture, demeanor, or manner.

The difference between the two sentences is that in the first the knowledge is related to human life, while in the second the knowledge topic is human life.

So, in your sentence, bearing uses the third definition that is given, which I rewrite as "to have a relationship or a relevance with." That is, your sentence might be rephrased as the following: "Knowledge that has to do with, or has a connection with, human life was placed highest."

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