The world needs wise leaders, but wisdom is clearly in short supply these days if the state of the world is any evidence. Just think of climate change, ecological damages done by modern industrial and agricultural practices, and collapsing and unfair mortgage and fi nancial markets, not to mention the growing gap between rich and poor, as examples. But generally, the need for wisdom in leaders and managers, which is defi ned by Ackoff ( Refl ections 1(1): [14][15][16][17][18][19][20][21][22][23][24] 1999) as the capacity to think through the (short and long-term) consequences of actions, is under-appreciated. Using as a basis the argument that wisdom exists when three components-moral imagination (the good), systems understanding (the true), and aesthetic sensibility (the beautiful) are present (Waddock, Journal of Business Ethics Education 7: 177-196, 2010), I explore the implications of this defi nition for teaching future leaders to be both wise and ethical in their decision making and actions.
Keywords Wisdom • Moral imagination • Systems • Aesthetics • Leadership
IntroductionWise men, wise women-wise people who can make considered decisions with the greater good fi rmly kept in mind, are in short supply. Yet as our damaged world attests, they are needed more than ever. Today the world needs responsible leaders with the capacity that Ackoff defi ned as wisdom to think and "see" through the consequences of actions, not just knowledge or risk-taking ability (Ackoff 1999 ). To this capacity, we add a sense of equity with a long-term, indeed even a planetary, perspective that takes many needs and interests of the Earth and its other living beings into consideration, as well as an appreciation of the system as a whole, including its design elements of human-created systems. Still, all we need to do is look around to see plenty of evidence that wisdom-and responsible leadership-is in rather short supply these days.Just think of the state of the world, bringing into consideration issues like climate change, the ecological damages done by modern industrial and agricultural practices, the pervasive evidence of hunger in some parts of the world combined with a growing obesity epidemic in others that is linked to what and how we eat. Consider collapsing state and national budgets, and unfair and unethical mortgage practices, extraordinary rates of housing foreclosure, and a fi nancial system that continues to make our fi nancial markets into little more than a global gambling casino for the wealthy at the expense of the poor, not to mention the growing gap between rich and poor. The manifold issues facing societies and the planet today offer ample evidence of the lack of wisdom among those who lead today in business or in other realms.Generally, the need for wisdom in leaders and managers is vastly under-appreciated in management research and teaching, as well as practice. One of the most notable theories of wisdom, the 'balance theory of wisdom' offered by Sternberg ( 1998Sternberg ( , 2001Sternberg ( , 2004, ...