The Ages of Man is the mythic scheme in which history is a decline through a sequence of ages named for metals of decreasing value. Its classic Western statement is Hesiod's Works and Days, of about 700 BCE, which gives five: a golden race living without toil under Kronos; a silver race, prolonged in childhood and impious; a bronze race, violent and destroyed by its own warring; a race of heroes who fought at Thebes and Troy; and the iron race, Hesiod's own, in which men labour and grieve by day and are worn down by night, and which he predicts will decline until children are born grey at the temples and might is the only right.
The heroic age is the anomaly, since it is better than the bronze age preceding it and breaks the metallic sequence entirely. It is generally read as Hesiod's accommodation of the epic tradition to a scheme he inherited rather than invented, and its awkward presence is among the reasons for thinking the scheme older than the poem.
Comparable schemes appear elsewhere. Daniel 2 recounts Nebuchadnezzar's dream of a statue with a head of gold, breast and arms of silver, belly and thighs of bronze, legs of iron and feet of iron mixed with clay, interpreted as a succession of kingdoms, a four-kingdom scheme with an extremely long afterlife in Jewish and Christian historical thinking, and one repeatedly reapplied to whichever empire was current. Indian cosmology has the four yugas, Krita or Satya, Treta, Dvapara and Kali, declining in righteousness and in duration in the ratio 4:3:2:1, with the present Kali Yuga the worst and, on the standard reckoning, still with a very long time to run. Zoroastrian material preserves a comparable four-age scheme of gold, silver, steel and iron.
The scheme's persistent function is to explain why the present is worse than the past, and thereby to authorise an appeal to an earlier standard. It supports two opposite responses. It supports quietism, since decline is built into the structure and one can only endure it, an inference frequently drawn in Kali Yuga rhetoric. And it supports reform, since a golden age supplies a measure against which the present can be judged and to which it might be returned.
Whether the Greek, Iranian and Indian versions are independent or share an inheritance is debated. The parallels are close enough that Indo-European transmission has often been proposed, and the underlying sentiment is close enough to universal that independent origin is equally defensible.