Practical Wisdom: Management’s No Longer Forgotten Virtue

Claudius Bachmann (), André Habisch () and Claus Dierksmeier ()
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Claudius Bachmann: Catholic University of Eichstätt-Ingolstadt
André Habisch: Catholic University of Eichstätt-Ingolstadt
Claus Dierksmeier: University of Tübingen

Journal of Business Ethics, 2018, vol. 153, issue 1, No 11, 147-165

Abstract: 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 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (14)

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DOI: 10.1007/s10551-016-3417-y

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