There is an interesting chapter, by Karl E. Weick, in either of two books 1) Organizational Wisdom and Executive Courage, by Suresh Srivastva (Editor), David L. Cooperrider (Editor) and 2) Making Sense of the Organization, Karl E. Weick. I found Dr. Weick's framing of wisdom useful and practical. Wisdom exists between the overconfidence of absolute knowing and the inaction of paralyzing doubt and uncertainty. His framing of wise action as improvisation is wonderful and it rings true. One starts toward original action with the faith that our past experiences and our ability to pull them together in new ways will lead to successful action. Often discovering and creating the future as we go along. Good writing, good thinking.
The thoughts are Karl Weick's, the drawing is mine. The drawing represents a sort of energy of activation diagram, from chemistry, there is a pull for the extremes. Energy must be applied to stay in the realm of wisdom. From the place of wisdom, armed with experience and some self confidence, one can choose to take off, improvise into the unknown and act wisely to create something new.