Media Management in the Digital Age: Toward a Practical Wisdom-Based Approach
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.
KeywordsPractical Wisdom Electronic Market Place Digital Rationality Require Prioritization Nobel Prize Laureate
- Aristotle. (2009). The Nicomachean ethics, D. Ross (Trans.), Oxford World’s classic. New York: Oxford University Press.Google Scholar
- Bachmann, C., Habisch, A., & Dierksmeier, C. (2017). Practical wisdom: Management’s no longer forgotten virtue. Journal of Business Ethics. First Online: 12 January 2017, doi: 10.1007/s10551-016-3417-y.
- Habisch, A., & Bachmann, C. (2016). Empowering practical wisdom: Spiritual traditions and their role in the global business world of the 21st century. In A. Habisch & R. Schmidpeter (Eds.), Cultural roots of sustainable management: Practical wisdom and corporate social responsibility. Cham, Switzerland: Springer.CrossRefGoogle Scholar
- Küpers, W. M. (2012). Die Bedeutung von praktischer Weisheit für die integrale Führungs- und Organisationspraxis. Wirtschaftspsychologie, 3, 46–57.Google Scholar
- Thomas Aquinas. (2006). Summa Theologiae, Secunda Secundae 47–56 (Vol. 36). Thomas Gilby O. P. (Transl.). Cambridge: Cambridge University Press.Google Scholar