Extensive discussions of practical wisdom are relatively rare in the philosophical literature these days. This is strange given the theoretical and practical importance of wisdom and, indeed, the etymology of the word "philosophy." In this paper, we remedy this inattention by proposing a methodology for developing a theory of wisdom and using this methodology to outline a viable theory. The methodology we favor is a version of wide reflective equilibrium. We begin with psychological research on folk intuitions about wisdom, which (...) helps us to avoid problems caused by reliance on the possibly idiosyncratic intuitions of professional philosophers. The folk theory is then elaborated in light of theoretical desiderata and further empirical research on human cognitive capacities. The resulting view emphasizes policies that the wise person adopts in order to cope with the many obstacles to making good choices. (shrink)