The old adage goes along the lines that knowledge can be defined as knowing a tomato is a fruit, and that wisdom is therefore knowing that you don't add a tomato to a fruit salad... There are a number of models and frameworks that investigate the data-information-knowledge-wisdom continuum and in the this series of posts I cover a few of these.
For the theorist a good place to start is with an online paper
A Primer:, Enterprise Wisdom Management and the Flow of Understanding by ScottCarpenter@CognitiveCybernetics.com
I like the way environment and context have come into play as important factors in understanding that knowledge and wisdom have a contextual perspective.
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