Practical Wisdom in Decision Making

  • Reference: TDN-87-E

  • Number of pages: 6

  • Publication Date: Jan 1, 1992

  • Fecha de edición: Jul 27, 2005

  • Source: IESE (España)

  • Type of Document: Technical Note

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Description

In everyday language, practical wisdom is often equated with "being cautious" or "wary". The concept of "practical wisdom" is much richer than that, however, and is crucially important in ethics. Practical wisdom impels a person into action, not only to avoid obstacles or dangers, but, above all, to do right. Practical wisdom plays a part in decision making, where it helps us to grasp the problem; in deliberative analysis of the problem; in the decision itself; and, above all, in the implementation of the chosen plan. Without practical wisdom, operational or moral virtues (justice, fortitude, temperance and the other virtues encapsulated in them) have no point of reference, as it is practical wisdom that tells us what is just, strong (neither cowardly nor foolhardy) and moderate in each particular case

Keywords

ethics