In today's rapidly evolving world, many educational institutions are faced with the challenge of balancing traditional teaching methods with newer, progressive educational philosophies. Some argue that innovative teaching approaches, which encompass experiential learning and technology integration, better prepare students for the complexities of modern life. Others contend that classical education methods, rooted in foundational knowledge and critical thinking, are essential for cultivating disciplined, well-rounded individuals.

Consider the argument: "In the quest for effective education, blending traditional and innovative teaching methods provides the most balanced approach for preparing students to navigate future challenges." In an essay, discuss the merits of this blended approach while engaging with perspectives that support and oppose this idea. Use specific examples to illustrate your argument and demonstrate an understanding of the complexities involved in educational practices.