Wisdom,Knowledge and Information

1. Wisdom,Knowledge and Information

2. Where is life lost in living • Where is wisdom lost in knowledge • Where is knowledge lost in information -----T.S.Eliot • Facts and information are gathered. • Knowledge is understood to be some thing that can be taught. • Wisdom is something whose elements are understanding, insight, good judgment,the capacity to live well and guiding the conduct well.

3. VIRTUE THEORY • Aristotle, an early Greek Thinker proposed one of the most influential theories of ethics called Virtue Theory. According to this theory “virtues” or “morally good habits” develop only through training and repetition.

4. Just as individuals develop other kinds of practical abilities through practice and repetition, so also he argued humans acquire their moral ability when they are taught and habituated by their families and communities to think feel, and behave in morally appropriate ways.

5. Why be moral? What a human being should be. We all have reason to support good practice since we all want our lives to go well - our own lives - but this is not necessarily a selfish want - typically, we see our own lives as going well only if lives of our close friends parents, children and other group members go well.

6. The moral virtues are just those traits of character we need in order to have best chance of making our lives go well. • Virtues relate to fundamental universal facts about human nature and conditions of living tolerably, they are of critical importance for all people everywhere.

7. Courage, Temperance, Generosity, Self-control, Honesty, Sociability, Modesty, and Fairness or Justice are all virtues. • He claims that much more attention must be paid to people’s character . • Our behavior reflects our being. We are what we repeatedly do. Character is measured in the routine challenges of work and private life– in small choices we make between what we would like to do and what we should do.

8. The core of Aristotle’s account of moral virtue is his doctrine of the mean. According to this doctrine, moral virtues are desire regulating character traits, which are at a mean between more extreme character traits (or vices). For example in response to the natural emotion of fear, we should develop the virtuous character trait of courage.

9. The virtue of courage, then, lies at the mean between the excessive extreme of rashness, and the deficient extreme of cowardice. Aristotle is quick to point out that the virtuous mean is not a strict mathematical mean between two extremes.

10. For example, if eating 100 apples is too many, and eating zero apples is too little, this does not imply that we should eat 50 apples, which is the mathematical mean. Instead, the mean is rationally determined, based on the relative merits of the situation.

11. That is, “as a prudent man would determine it.” He concludes that it is difficult to live the virtuous life primarily because it is often difficult to find the mean between the extremes. Action is the response made to desire, and here, Aristotle insist one can respond too much or too little. The correct response lies between extremes. This is the doctrine of mean.

12. In Nicomachean Ethics, Aristotle went on to work out the means, excess, and deficiencies for various virtues. • A rational assessment of each new situation and a choice made on the light of new conception. • What is needed in addition to intellectual excellence is moral excellence. • The following table summarizes Aristotle’s discussion of some of these virtues:

13. Vice (Excess) Virtue( Mean)Vice (Deficit) Type of feeling or action: Fear:Too much fear ( i.e. cowardice) Right amount of fear. ( i.e. courage) Too little fear (i.e. foolhardiness) Confidence: Too much confidence (i.e. recklessness). Right amount of confidence ( i.e. courage) Too little confidence ( i.e. cowardice) Pleasure: Too much pleasure (i.e. Licentiousness/ self- indulgence). Right amount of pleasure (i.e. Generosity) Too little pleasure (i.e. Stinginess)

14. Large scale giving:(i.e. Vulgarity) right amount of giving (i.e. magnificence) too little giving (i.e. Being cheap) Claiming honor: Too much (i.e. Vanity). Right amount (i.e. Humility) (i.e. Pride vice) Anger: Toomuch (i.e.Short temperedness). Right amount (i.e. Good temper) Too little anger (i.e. incredibility”/apathy) Retribution for wrongdoing: Injustice JusticeInjustice Social Interaction: Obsequiousness FriendlinessSurliness Giving amusement: BuffooneryWittinessBoorishness

15. Is there any conflict between living well and Being in Business?There is no inherent conflict between the two. Aristotle says these two concepts are embedded in community and the ultimate aim is to live a good life. The main issues here is what is that living well amounts to?

16. Aristotelian approach to business is that a good corporation is one that is not only profitable but that provides a morally rewarding environment I which good people can develop not only their skills but, also their virtues