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

73 Pages Posted: 1 Jul 2014 Last revised: 13 Aug 2014

See all articles by Claudius Bachmann

Claudius Bachmann

Catholic University of Eichstaett-Ingolstadt - Christian Social Ethics and Social Politics Department

Cristian R. Loza Adaui

Friedrich-Alexander University of Erlangen-Nürnberg; Humanistic Management Network

André Habisch

Catholic University of Eichstaett-Ingolstadt; Humanistic Management Network

Date Written: June 30, 2014

Abstract

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.

Keywords: Practical wisdom, management development, management education, managerial wisdom

JEL Classification: M00, M10, M19

Suggested Citation

Bachmann, Claudius and Loza Adaui, Cristian R. and Habisch, André, Why the Question of Practical Wisdom Should Be Asked in Business Schools: Towards a Holistic Approach to a Renewal of Management Education (June 30, 2014). Humanistic Management Network, Research Paper Series No. 2460665, Available at SSRN: https://ssrn.com/abstract=2460665 or http://dx.doi.org/10.2139/ssrn.2460665

Claudius Bachmann

Catholic University of Eichstaett-Ingolstadt - Christian Social Ethics and Social Politics Department ( email )

Auf der Schanz 49
Ingolstadt, 85049
Germany

Cristian R. Loza Adaui (Contact Author)

Friedrich-Alexander University of Erlangen-Nürnberg ( email )

Kochstr. 4 (17)
Erlangen, 91054
Germany
+49 91318522059 (Phone)
+4991318522060 (Fax)

HOME PAGE: http://https://www.economics.phil.fau.de/person/cristian-r-loza-adaui/

Humanistic Management Network

Sankt Gallen
Switzerland

André Habisch

Catholic University of Eichstaett-Ingolstadt ( email )

Auf der Schanz 49
Ingolstadt, 85072
Germany
+498421904140 (Phone)

Humanistic Management Network ( email )

Sankt Gallen
Switzerland

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