The simple inherit folly: but the prudent are crowned with knowledge.
The simple inherit folly. "Inherit," from the contrast to 'crown themselves with,' must mean, 'The simple pertinaciously hold, as their special inheritance, folly' - i:e., their foolish opinions and bad practices.
But the prudent are crowned (or crown themselves) with knowledge - `as their ornament now and their inheritance' hereafter, with all its blessed consequences. Even as the simple encircle themselves with folly as their 'crown' of disgrace now, and their fatal 'inheritance' hereafter.