Analysts and politicians have long argued over the proper purpose (the why) of education. There are equally contested views about practice (the what), and the extent to which it should favour knowledge creation over skills development, or vice versa. This paper argues that the concept of the ethical imagination allows us to reconcile these arguments, by developing a disposition in students to pursue a balance in their conceptions of educational purpose, practice and self-awareness. Higher education providers have a responsibility to encourage this disposition.