The last two decades have produced unprecedented successes in the fields of artificial intelligence and machine learning (ML), due almost entirely to advances in deep neural networks (DNNs). Deep hierarchical memory networks are not a novel concept in cognitive science and can be traced back more than a half century to Simon's early work on discrimination nets for simulating human expertise. The major difference between DNNs and the deep memory nets meant for explaining human cognition is that the latter are (...) symbolic networks meant to model the dynamics of human memory and learning. Cognition-inspired symbolic deep networks (SDNs) address several known issues with DNNs, including (1) learning efficiency, where a much larger number of training examples are required for DNNs than would be expected for a human; (2) catastrophic interference, where what is learned by a DNN gets unlearned when a new problem is presented; and (3) explainability, where there is no way to explain what is learned by a DNN. This paper explores whether SDNs can achieve similar classification accuracy performance to DNNs across several popular ML datasets and discusses the strengths and weaknesses of each approach. Simulations reveal that (1) SDNs provide similar accuracy to DNNs in most cases, (2) SDNs are far more efficient than DNNs, (3) SDNs are as robust as DNNs to irrelevant/noisy attributes in the data, and (4) SDNs are far more robust to catastrophic interference than DNNs. We conclude that SDNs offer a promising path toward human-level accuracy and efficiency in category learning. More generally, ML frameworks could stand to benefit from cognitively inspired approaches, borrowing more features and functionality from models meant to simulate and explain human learning. (shrink)