Audio interviews with industry leaders and senior faculty with exclusive insights on current topics brought to you by Knowledge@Wharton and the Wharton School of the University of Pennsylvania.
December 17th, 2012
Episode 60 of 753 episodes
Swarthmore professor Barry Schwartz says rules and incentives are an "insurance policy against disaster, but [they don't] produce excellence." In his recent book, Practical Wisdom: The Right Way to Do the Right Thing, Schwartz and co-author Kenneth Sharpe, also a Swarthmore professor, say that what is needed is not more bureaucracy. Instead, society needs the Aristotelian ideal that trumps all others -- practical wisdom. Knowledge@Wharton recently discussed with Schwartz why individuals fail to do the right thing, what practical wisdom looks like in practice and what organizations can do to regain people's trust. (Video with transcript)