Henry Hazlitt, in his excellent book “Economics in one lesson”, says that the two principle economic errors from which all other derive is failing to take the long term into account, and failing to account for the effects of a given policy on all groups. For example, you can spread the wealth in the short term, and go bankrupt in the long term. You can help one group, but hurt another.
Generalized, these two traits constitute wisdom, or foresight. These words seem antique, because we are surrounded by fools who think only in the short term, and only of themselves.
And many of these fools think anyone who doesn’t think like them is foolish. The way you sort this out is by asking them to articulate for you what the effects of their ideas and policies will be on all people, over the long haul. The genuine fools will think you impudent for asking the question, try to change the subject, insult you, then finally lapse into petulant silence.