ABSTRACT
Popular thought often regards wisdom as impractical, unworldly, and remote or esoteric. This was certainly not the view of Aristotle, nor is this perception in our characterization of wisdom. Wisdom must be tactically and strategically practical. Baltes and Staudinger (2000) refer to it as a pragmatic metaheuristic, which echoes Aristotle’s distinction between esoteric wisdom and practical wisdom. Although our focus is not on esoteric wisdom, practical wisdom is nevertheless useful in dealing with remote and esoteric management problems like those that might occur in the future and so are the targets of business strategy. In fact, wisdom is particularly effective in uncertain and ambiguous situations.
