What's wisdom in the context of Buddhism?

Wisdom as far as my understanding is labeling concepts and ideas as right or wrong based on the knowledge you have. If this is the case and in the eight folds of Buddhism it mostly mentions to do what we consider socially right and one of knowledges parameters is fact which is something that's proven to be true, why don't we try to experience even things that Buddhism says not to do? Because the harmful effect of concepts like "no lying" can't be right or wrong unless one experiences it for himself and decides so.