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Universities are well known as institutes of learning.

But perhaps they are best known for teaching things like history, molecular biology, economics, botany, engineering and medicine.

These days much of the knowledge imparted at universities is about making graduates job-ready.

But Steven Schwartz, vice-chancellor of Macquarie University, says knowledge is not enough. Universities, he believes, ought to be in the wisdom business too.

This interview was first broadcast on 25 August 2010.