Gallifrey One: 28 Years Later

We have more information than ever before on the people and planet of Gallifrey — be it in the show, the audios, the novels, etc. — so we’re going to take a good long look at it all and make some sense out of it. What kind of society really holds itself to such lofty ambitions as the Time Lords? Why would such an advanced society have technological dropouts, or be so interested in prophecies? And how would the Doctor grow up in a barn?