Why the Question of Practical Wisdom Should Be Asked in Business Schools: Towards a Holistic Approach to a Renewal of Management Education

Dealing with the issue ‘Why should the question of practical wisdom be asked in business schools?’ we first identify three types of criticism commonly addressed to business schools: an inadequate intra-system logic, an insufficient toolbox, and unfitting educational environments and methods. In order to find an answer to these critics we introduce the concept of ‘practical wisdom’. Therefore, we conduct a cross-disciplinary analysis of the concept considering on philosophical, theological, psychological, and managerial perspectives. Based on this, we propose a holistic approach for the renewal of management education developing a three-pillar model of practical wisdom. The first pillar embraces the integrative dimension and includes deliberation, the passing of judgment, balancing, and integration directed at action and practice. The second pillar is concerned with the normative dimension and includes all sorts of knowledge about or orientation towards a normative guidance concerning the fulfilled life and what comes beyond. The third pillar is concerned with cultural heritage that is being transmitted from generation to generation through various kinds of traditions. By operationalizing this model, we finally propose methods, strategies and ideas for a successful implementation of practical wisdom in business schools and in management education programs.