This article describes a balance theory of wisdom and applies the theory to the context of schooling. First the article discusses why cognitive skills as assessed by conventional tests are an important, but not a sufficient, basis for education. Second the article discusses the concept of wisdom and why it is important for schooling. Third the article presents a balance theory of wisdom, according to which wisdom is defined as the application of intelligence, creativity, and knowledge toward the achievement of a common good through a balance in the (a) short- and (b) long-terms; among (a) intrapersonal, (b) interpersonal, and (c) extrapersonal interests; in order to achieve a balance among (a) adaptation to existing environments, (b) shaping of existing environments, and (c) selection of new environments. Fourth the article discusses how wisdom might be nurtured in schools. It is concluded that it might be worthwhile for schools to emphasize the development of wisdom.