Values are important in education and their role in university studies is central in tourism teaching as well. How values are communicated to students is an important aspect of our axiological approach. In order to promote a fruitful approach to values in the students, this conceptual paper discusses the role of theoretical knowledge in achieving empowerment for the students based on the tenets of critical realism and on Gramsci’s philosophy. As students acquire disciplinary theoretical knowledge, they also develop the tools to make ethical evaluations. Knowledge is meant as the best possible understanding that we have of the world at the moment and it is always possible to achieve a better explanation of a phenomenon. Through an approach based on theoretical knowledge integrated with other creative ways to teach, the students can develop an ethical sensitivity and a flexible set of skills for both the workplace and academia.