Two definitions of “smart” and “wise”:
“A smart man can learn from his own mistakes. A wise man can learn from the mistakes of others.” – Jim Paul
“So a wise person knows what to do in most situations, while a smart person knows what to do in situations where few others could.” – Paul Graham
Both definitions might be biased in favor of one over the other. Jim Paul seems to favor wisdom because you can sidestep big problems by knowing what not to do without having to learn that the hard way. Meanwhile, Paul Graham seems to favor smarts because you have a keen pulse on what to do when there isn’t any precedent.