This quote by Laurence Sterne is a tip that understanding and knowledge are 2 very different things. While understanding can be gotten through memorization and repeating, wisdom is something that needs to be earned through experience and reflection. Knowledge is typically seen as a method to an end, while knowledge is a lifestyle. Knowledge can be utilized to gain power and influence, however knowledge is the ability to utilize understanding in a significant and advantageous method. Knowledge can be gotten through books and lectures, but knowledge is something that needs to be cultivated through life experiences. Knowledge can be utilized to get product wealth, however wisdom is the capability to utilize that wealth in such a way that is beneficial to oneself and others. Understanding can be utilized to get power, but knowledge is the capability to utilize that power in a way that is simply and fair. In short, knowledge can be discovered by rote, however wisdom is something that should be earned.
"Raising children is an incredibly hard and risky business in which no cumulative wisdom is gained: each generation repeats the mistakes the previous one made"
"The man who makes everything that leads to happiness depends upon himself, and not upon other men, has adopted the very best plan for living happily. This is the man of moderation, the man of manly character and of wisdom"