Data... data is raw. It simply exists and has no significance beyond its existence (in and of itself). It can exist in any form, usable or not. It does not have the meaning of itself. In computer parlance, a spreadsheet generally starts out by holding data.
Information... information is data that has been given meaning by way of relational connection. This "meaning" can be useful but does not have to be. In computer parlance, a relational database makes information from the data stored within it.
Knowledge... knowledge is the appropriate collection of information, such that it's intent is to be useful. Knowledge is a deterministic process. When someone "memorizes" information (as less-aspiring test-bound students often do), then they have amassed knowledge. This knowledge has useful meaning to them, but it does not provide for, in and of itself, an integration such as would infer further knowledge. For example, elementary school children memorize, or amass knowledge of, the "times table". They can tell you that "2 x 2 = 4" because they have amassed that knowledge (it is included in the time table). But when asked what is "1267 x 300", they can not respond correctly because that entry is not in their times' table. To correctly answer such a question requires a true cognitive and analytical ability that is only encompassed in the next level... insights. In computer parlance, most of the applications we use (modelling, simulation, etc.) exercise some type of stored knowledge.
Insights... insights is an interpolative and probabilistic process. It is cognitive and analytical. It is the process by which I can take the knowledge and synthesize new knowledge from the previously held knowledge. The difference between understanding and knowledge is the difference between "learning" and "memorizing". People who have understanding can undertake useful actions because they can synthesize new knowledge, or in some cases, at least new information, from what is previously known (and understood). That is, understanding can build upon currently held information, knowledge and understanding itself. In computer parlance, AI systems possess understanding in the sense that they are able to synthesize new knowledge from previously stored information and knowledge.
Wisdom... wisdom is an extrapolative and non-deterministic, non-probabilistic process. It calls upon all the previous levels of consciousness, and specifically upon special types of human programming (moral, ethical codes, etc.). It beckons to give us understanding about which there has previously been no understanding, and in doing so, goes far beyond insights itself. It is the essence of philosophical probing. Unlike the previous four levels, it asks questions to which there is no (easily-achievable) answer, and in some cases, to which there can be no humanly-known answer period. Wisdom is, therefore, the process by which we also discern, or judge, between right and wrong, good and bad. I personally believe that computers do not have, and will never have the ability to possess wisdom. Wisdom is a uniquely human state, or as I see it, wisdom requires one to have a soul, for it resides as much in the heart as in the mind. And a soul is something machines will never possess (or perhaps I should reword that to say, a soul is something that, in general, will never possess a machine).
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