Wisdom is an ancient concept with close conceptual relations to human goals, means and problem solving. However, in the recent scientific discourse there has been some confusion about the meaning of "wisdom". In this paper the most prominent definitions are contrasted with each other and a new reading is proposed: Based on an extensive literature review it is proposed that "wisdom" is explanatory knowledge of the fundamental truths in the domain of living well – an orienting knowledge about what is (...) good and right. It is demonstrated that deviations of modern philosophic definitions from this view can be traced back to slight misconceptions of traditional views. Further, in this paper the content of wisdom is specified in more detail as a set of propositions that were claimed by wise men from different cultures and bolstered by empirical psychological research. (shrink)