Gandalfs Beard mentions elves as sort of Vulcans of Middle Earth, in that they are more logical.
I can see how he would arrive at that perspective, but mine is very different.
As immortals, elves have a more "eternal" perspective. They are able to grasp the big picture more readily, mostly because they've been around long enough to personally witness many historic cycles. They've had time to properly mature on an individual level, and as a people.
We know elves can act irrationally and even immorally. Just look at Feanor and those who followed him (which interestingly enough includes Galadriel). For greed and pride the Noldor went chasing after a jewel, and committed murder against their own elvish kin on more than one occasion and on multiple continents in their quest to get it. It's the reason why, by the Third Age, the Noldor language(Quenya) is all but banished from Middle Earth except in private usage or in ceremony.
And that isn't the only case. I forget his name, but for petty pride and jealousy an elf attempted to murder Turin.
Then there were Eol and Maeglin, both evil elves, with Maeglin being the most evil elf in Middle Earth history.
My point is that Elves are fallible just like dwarves and men. They've just been around long enough to learn from their mistakes (for the most part) and see a bigger picture than men or even dwarves usually see.
