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Media Management in the Digital Age: Toward a Practical Wisdom-Based Approach

  • André HabischEmail author
  • Claudius Bachmann
Chapter
Part of the Media Business and Innovation book series (MEDIA)

Abstract

In this article we consider how the virtue of practical wisdom (prudence) rooted in the Aristotelian philosophy helps to develop a value-based media management in today’s age of digitalization. We argue that the integrative and the normative dimension of practical wisdom contribute to a wisdom-based, multi-dimensional perspective of media management which might counteract the information-based, one-dimensional perspective of a digital rationality. We proceed, first, by identifying the main challenges for value-based media management in the age of digitalization. Second, we introduce the concept of practical wisdom recently rediscovered and adapted in economics and explore its transformative potential for management practice. Finally, we conclude by suggesting the scope of possible applications.

Keywords

Practical Wisdom Electronic Market Place Digital Rationality Require Prioritization Nobel Prize Laureate 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer International Publishing AG 2017

Authors and Affiliations

  1. 1.Catholic University Eichstätt-IngolstadtEichstättGermany

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