This volume documents the papers given and the results of the discussions at a conference which took place in November 2006 on the concept of wisdom. In doing so, it continues the discussion on the concept of wisdom which began the year before in the volume entitled "Wise Decision-Making." In the articles in this new volume, the authors deal with the basic principles of and the prerequisites for wise thinking, describe the position of the concept of wisdom in the context of various disciplines and show the functions attributed to it. They then specify these in partly empirical and partly theoretical observations for behavior in relation to the social, economic and ecological environment.