Wisdom

The ability and inclination to make choices that stand the test of time. To say that a choice was wise implies that the action or inaction was strategically correct when judged by some set of values. Another formulation is "Making the best use of available knowledge."

It is crucial to realize that a wise decision must often be made from incomplete information. This requires the chooser to know the way that situations (of any sort) usually turn out. Thus a wise decision must be correct and justified, but the justification need not be based on a true belief.

Classically, wisdom is considered to come with age. A wise person is called a "sage."

See also Virtue