At present the basic intellectual aim of academic inquiry is to improve knowledge. Much of the structure, the whole character, of academic inquiry, in universities all over the world, is shaped by the adoption of this as the basic intellectual aim. But, judged from the standpoint of making a contribution to human welfare, academic inquiry of this type is damagingly irrational. Three of four of the most elementary rules of rational problem-solving are violated. A revolution in the aims and methods of academic inquiry is needed so that the basic aim becomes to promote wisdom, conceived of as the capacity to realize what is of value, for oneself and others, thus including knowledge and technological know-how, but much else besides. This urgently needed revolution would affect every branch and aspect of the academic enterprise.