In Conclusion: The Opportunities and Obstacles of Reinforcing Wisdom in Management

Tuomo Peltonen
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Tuomo Peltonen: Aalto University

Chapter 7 in Towards Wise Management, 2019, pp 189-208 from Springer

Abstract: Abstract This chapter returns to a more general discussion on the nature of wisdom in decision-making. It first reminds of the central thesis of the book: failures in decision-making or forecasting demonstrate often a lack of philosophical wisdom and associated capability for intuitive reflexivity. The rest of the chapter then discusses the ways to enhance and sustain wisdom among decision-makers and leaders. The first theme deals with the importance of gaining multifaceted experience from different sorts of situations as well as learning from a variety of organisational and societal experiences. This is then followed by a contemplation on the practical arrangements needed for management to adapt wisdom in its decision-making processes. Contemporary management education offers few possibilities for the participants to develop philosophical wisdom or intuitive sensitivity. Similarly, the broader university system is geared more towards productivity than lifelong nurturing of classical wisdom. The classical elements of Liberal Arts education have in this respect potential to support the attainment of wisdom. Of interest is also the nature of careers that lead to a decision-making position in organisations and society. Contemporary career systems tend to favour candidates who conform to the established values and beliefs of the institution and are skilled in career politics. Philosophically wise persons, however, tend to come from outside of the mainstream thinking. To open up possibilities for wisdom in decision-making, it should be necessary also for outsiders to be able to reach executive positions. A separate institutional and educational realm of “wisdom incubators” might serve such a function in economy and society.

Keywords: Wisdom; Management education; Managerial careers; Governance systems (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-91719-1_7

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DOI: 10.1007/978-3-319-91719-1_7

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