David K. Hurst [Archive.org URL]

[What] Aristotle called phronesis […] is prudence, the context-dependent, practical common sense needed when we have to make judgments about what is right and wrong – “what is good or bad for man,” as Aristotle put it. From this perspective a “phronetic” discipline like management can never be “values-free”; all management decisions have ethical implications because they deal with people. And people can be passionate participants as well as (occasionally) detached observers; it’s “both […] and”, not “either/or.”