According to the case study and the article cited within, the authors stress the importance of being well versed in the liberal arts, such as philosophy, history, literature, and in the fine arts to cultivate judgment. How do you think a strong background in the liberal arts would impart practical wisdom or help you make ethical decisions?

Please give a thorough response to this case study

ETHICS ACROSS TIME AND CULTURES

Aristotle and the Concept of Phronesis, or Practical Wisdom

Phrnsis(fro-NEE-sis) is a type of practical wisdom that enables us to act virtuously. In "The Big Idea: The Wise Leader," aHarvard Business Reviewarticle on leadership and ethical decision-making, Ikujiro Nonaka, a Japanese organizational theorist, and Hirotaka Takeuchi, a professor of Management Practice at Harvard Business School, discuss the gap between the theory and practice of ethics and which characteristics make a wise leader.¹The authors conclude that "the use of explicit and tacit knowledge isn't enough; chief executive officers (CEOs) must also draw on a third, often forgotten kind of knowledge, called practical wisdom. Practical wisdom is tacit knowledge acquired from experience that enables people to make prudent judgments and take actions based on the actual situation, guided by values and morals."

The concept of practical wisdom dates back toAristotle, who considered phronesis, which can also be defined as prudence, to be a key intellectual virtue.Phronesisenables people to make ethically sound judgments. According to the authors, phronetic leaders:

• practice moral discernment in every situation, making judgments for the common good that are guided by their individual values and ethics;
• quickly assess situations and envision the consequences of possible actions or responses;
• They created a shared sense of purpose among executives and employees and inspire people to work together in pursuit of a common goal;
• engage as many people as possible in conversation and communicate using metaphors, stories, and other figurative language in a way that everyone can understand; and
• encourage practical wisdom in others and support the training of employees at all levels in its use.

In essence, the first question any company should ask itself is: "Do we have a moral purpose?" Having a moral purpose requires focusing on the common good, which precedes the accumulation of profit and results in economic and social benefits. If companies seek the common good, profits generally will follow.

Critical Thinking

In the article cited (https://hbr.org/2011/05/the-big-idea-the-wise-leader), the authors stress the importance of being well versed in the liberal arts, such as philosophy, history, literature, and in the fine arts to cultivate judgment. How do you think a strong background in the liberal arts would impart practical wisdom or help you make ethical decisions?