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. (shrink)

The management of “wisdom” has been mooted in knowledge management (KM) theory mostly in relation to what is known as the “knowledge hierarchy”. We argue that there are unquestioned assumptions inherent in KM leading to wisdom being included in KM theory because of rhetorical “urges” more than theoretical ones. These rhetorical urges impel a drive towards perfection that excludes more than is included. Our interrogation of the KM literature uncovers some of the questionable implications in understanding knowledge as a resource (...) and an asset and of understanding wisdom as a pinnacle to a knowledge hierarchy. We urge caution regarding theorising of wisdom at the top of a hierarchy, as it should not be mooted as a perfect final solution to Knowledge Management. We suggest the theorising of wisdom be opened out to its fullest “poetic possibilities”, and that attempts to close off its meaning be resisted. (shrink)