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Practical Wisdom: Management’s No Longer Forgotten Virtue

  • Claudius Bachmann
  • André Habisch
  • Claus Dierksmeier
Original Paper

Abstract

The ancient virtue of practical wisdom has lately been enjoying a remarkable renaissance in management literature. The purpose of this article is to add clarity and bring synergy to the interdisciplinary debate. In a review of the wide-ranging field of the existing literature from a philosophical, theological, psychological, and managerial perspective, we show that, although different in terms of approach, methodologies, and justification, the distinct traditions of research on practical wisdom can indeed complement one another. We suggest a conciliatory conception of the various features of practical wisdom in management. This we take as a point of departure for a discussion of the significant implications of the subject for the theory and practice of management and for the direction of further research in the field.

Keywords

Business ethics Phronesis Practical wisdom Prudence Management Virtue ethics 

Notes

Funding

We did not receive any funding for this study.

Compliance with Ethical Standards

Conflict of interest

All authors declares that they have no conflict if interest.

Ethical approval

This article does not contain any studies with human participants or animals performed by any of the authors.

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Copyright information

© Springer Science+Business Media Dordrecht 2017

Authors and Affiliations

  • Claudius Bachmann
    • 1
  • André Habisch
    • 1
  • Claus Dierksmeier
    • 2
  1. 1.Faculty of Economics and Business AdministrationCatholic University of Eichstätt-IngolstadtIngolstadtGermany
  2. 2.Weltethos-Institut (Global Ethic Institute)University of TübingenTübingenGermany

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