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Understanding Theories of Practical Wisdom

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Handbook of Practical Wisdom in Business and Management

Abstract

Wisdom has been defined in many ways by different disciplines. Recent scientific research on wisdom has derived its focus from Aristotle’s concept of practical decision-making that leads to human flourishing. Human flourishing in this context goes beyond simple personal well-being and centers on a positive state of being that depends on both the well-being of others and the self. In this respect, wisdom can be considered as a human capacity that has social components that include intrinsic moral dimensions. By connecting the intellectual virtue of wisdom to moral virtues which provide the value commitments that frame wise decisions, wisdom can be thought of as a prosocial force in human life. This prosocial force does not come at a personal cost, rather wise decisions must balance a number of goods. But in being guided by goods beyond narrow self-interest, wisdom must be understood as a human capacity quite apart from intelligence or cleverness or creativity. This means that wisdom depends on understanding people deeply (a kind of expertise), understanding relevant aspects of the world deeply (another kind of expertise), but also being attuned to other people’s needs, concerns, and values while being able to control one’s own needs and concerns in evaluating a situation. An explicit theory of wisdom is one that focuses on presenting a scientific explanation of how wise reasoning occurs. Explicit theories of wisdom are almost all grounded in a foundation of epistemic humility, the ability to reflect analytically on social problems informed by knowledge of human experience, to persevere in grappling with intellectual challenges, and to take the perspective of others as if one’s own.

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Acknowledgments

Preparation of this chapter was supported by the John Templeton Foundation and the University of Chicago Center for Practical Wisdom. This work was completed while one of the authors (TS) served at the US National Science Foundation.

Conflict of Interest

The views expressed in this chapter are solely those of the authors and do not necessarily represent those of NSF.

Author information

Authors and Affiliations

  1. Department of Psychology, The University of Chicago, Chicago, IL, USA

    Howard C. Nusbaum

  2. Department of Psychology, Baruch College, New York, NY, USA

    Tamera R. Schneider

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  1. Howard C. Nusbaum
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  2. Tamera R. Schneider
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Correspondence to Howard C. Nusbaum .

Editor information

Editors and Affiliations

  1. Haas School of Business, University of California Berkeley, Oakland, CA, USA

    Barry Schwartz

  2. IESE Business School, Barcelona, Catalunya, Barcelona, Spain

    Caleb Bernacchio

  3. CUNEF (Centro Universitario de Estudios Financieros), Ciudad Universitaria, Madrid, Spain

    César González-Cantón

  4. Faculty of Business and Law, Northumbria University, Newcastle upon Tyne, UK

    Angus Robson

Section Editor information

  1. Henley Business School, University of Reading, Reading, UK

    Kleio Akrivou

  2. Institute of Culture and Society (ICS) University of Navarra, Navarre, Spain

    José Víctor Orón

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Nusbaum, H.C., Schneider, T.R. (2020). Understanding Theories of Practical Wisdom. In: Schwartz, B., Bernacchio, C., González-Cantón, C., Robson, A. (eds) Handbook of Practical Wisdom in Business and Management. International Handbooks in Business Ethics. Springer, Cham. https://doi.org/10.1007/978-3-030-00140-7_20-1

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  • DOI: https://doi.org/10.1007/978-3-030-00140-7_20-1

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  • Print ISBN: 978-3-030-00140-7

  • Online ISBN: 978-3-030-00140-7

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