The Relative Role of the Intellectual and Moral Virtues in Sustainable Management Decisions: The Case of Practical Wisdom and Justice

Natàlia Cugueró-Escofet and Josep M. Rosanas
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Natàlia Cugueró-Escofet: Faculty of Economics and Business Studies, Universitat Oberta de Catalunya, Rambla del Poblenou, 156, 08018 Barcelona, Spain
Josep M. Rosanas: IESE Business School, Universidad de Navarra, Avinguda Pearson, 21 08034 Barcelona, Spain

Sustainability, 2020, vol. 12, issue 3, 1-21

Abstract: We analyze the status of virtues in management by going in some depth into the two main virtues, justice and practical wisdom. We next study how ethics requires that all virtues should be present under the ideal concept of a ‘unity of virtues’ for a completely wise person and discuss the practical limitations of this concept. Then, we draw a framework for decision making depending on whether the decision maker possesses justice and practical wisdom or lacks one of them and then discuss which one is better to have. We conclude that justice is more important, as it is about setting objectives and prioritizing, whereas practical wisdom is about attaining these objectives, once listed, in a rationally wise and contextual way. Hence, we conclude that objectives (justice) must come first, because this makes it more likely that, in the end, practical wisdom is developed, and thus we end up having the two virtues.

Keywords: Justice; Fairness; Virtue ethics; Practical wisdom (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:12:y:2020:i:3:p:1156-:d:317069

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