electricity

The other day in physics lecture, the professor was explaining about electromagnetic induction. It is the basic process where wires that are in a changing magnetic field produce an EMF, or electricity. In the lecture, I asked the professor why that happens. He said he had no idea and that no one in the world understands it, we just observe what happens and use it to our advantage.

Is that true? Do we really not udnerstand something so basic as this? I suppose it's probable, considering no one even knows why gravity works.