Measuring Wisdom

I was lucky enough to spend a couple of hours in the company of some great minds recently. Hidden in the corner at a company Christmas party (the equivalent of the guys hanging out in the kitchen at a dinner party I guess) we discussed many topics, including the subject of wisdom.
The main question we eventually distilled the issue down to was:

"If wisdom is the application of knowledge and if there are ways of measuring knowledge, why is there no easy way of measuring wisdom?"

Taking this thought further, I would like to state that we don't give wisdom (and really I mean those that have it) enough credit.

Perhaps because we haven't been able to apply a metric to it yet?