Ryzyko i niepewność w naukach ekonomicznych − rozważania semantyczne
Risk and uncertainty in economic sciences: some semantic reflections

Summary/Abstract: Risk and uncertainty do not rank among fundamental economic categories, but despite this, they play an important role in economic sciences and economic practice. Unfortunately, economists do not agree on the priority of their use and suggest varying interpretations of them. The introduction of risk and uncertainty into economic thought by R. Cantillon in 1725 led to the development of the economic theory and brought it closer to the economic reality. The English economist saw the impact of risk on the level of income and uncertainty which accompanied economic activity. Next generations of economists made an effort to develop these two categories. For Johann Heinrich von Thünenn, the possibility of quantification and insurance constituted a basis for distinguishing between them. In turn, Allan Herbert Willett pointed to the growing importance of risk and uncertainty in business and linked it with probability. Precise and unambiguous definitions of risk and uncertainty were formulated independently by Frank Hyneman Knight and John Maynard Keynes in 1921. The ability to solve problems relating to risk and uncertainty was better mastered by modern societies which created the institution of insurance, transferring risk to other entities, and supporting scientific research in this field. Risk-measurement methods and theories of decision-making, increasing rationalization of operations, as well as ways to reduce the negative effects of risk and uncertainty, and the increased benefits associated with these states, should be the subject of further research related to risks and uncertainty.

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