Wise man wasted ages (4)
I believe the answer is:
sage
'wise man' is the definition.
(sage is a kind of wise man)
'wasted ages' is the wordplay.
'wasted' is an anagram indicator.
'ages' with letters rearranged gives 'SAGE'.
(Other definitions for sage that I've seen before include "Oracle; herb" , "Learned" , "Salvia" , "Clary" , "Fragrant herb or wise man" .)