Practical Wisdom: Revisiting an Ancient Virtue in the Context of a Diverse Business World

Abstract

After a pause of some 300 years, the Aristotelian concept of practical wisdom is enjoying a renaissance - particularly in the business and management literature where it is being applied to such themes as Leadership, Strategic Management, Corporate Culture, etc. The essay presents practical wisdom as an effective means of bridging the gap between management theory and practice as well as a useful tool for understanding and resolving complex problems, including diversity issues.