Practical wisdom in a complex world: building the resilient supply chain

Abstract

This paper investigates the role of practical wisdom (phronēsis) in a complex world with respect to the issue of world stability. Increasingly, literature reveals that existing solution approaches based on knowledge, science and technology may be necessary but are not sufficient. The volatility of the world proves that there is a need for interdisciplinary understanding of the role of wisdom in managing supply chains. To address this issue, the paper draws a link between wisdom and resilience with respect to a technology-driven future, environmental sustainability and economic growth. It is concluded that practical wisdom promotes supply chain resilience in a complex world.