Dear prudence : An essay on practical wisdom in strategy making

• If we presume an organizational ontology of complex, dynamic change, then what role remains for strategic intent? If managerial action is said to consist of adaptive responsiveness, then what are the foundations of value on the basis of which strategic decisions can be made? In this essay, we respond to these questions and extend the existing strategy process literature by turning to the Aristotelian concept of prudence, or practical wisdom. According to Aristotle, practical wisdom involves the virtuous capacity to make decisions and take actions that promote the "good life" for the "polis". We explore contemporary interpretations of this concept in literature streams adjacent to strategy and determine that practical wisdom can be developed by engaging in interpretative dialogue and aesthetically-rich experience. With these elements in view, we re-frame strategy processes as occasions to develop the human capacity for practical wisdom.

Subject headings

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Business Administration (hsv//eng)

Keyword

Aristotle

Ontology

Organizational Strategy

Phronesis

Practical Wisdom

Prudence

Publication and Content Type

ref (subject category)

art (subject category)