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Some reflections on crisis, risk, and uncertainty

Torun Business Review. 2012;11(11):103-118


Journal Homepage

Journal Title: Torun Business Review

ISSN: 1643-8175 (Print); 2451-0955 (Online)

Publisher: WSB University in Torun

LCC Subject Category: Social Sciences: Commerce: Business | Social Sciences: Finance

Country of publisher: Poland

Language of fulltext: English, Polish

Full-text formats available: PDF



Mirosław Bochenek (Uniwersytet Mikołaja Kopernika w Toruniu ul. Gagarina 13a 87-100 Toruń)


Double blind peer review

Editorial Board

Instructions for authors

Time From Submission to Publication: 12 weeks


Abstract | Full Text

The economic history of the world and the history of universal economic thought provide evidence that economic crises are an inherent component of the market economy. After the year 1550, crisis phenomena appeared every 6.4 years on the average. The term “crisis” was coined by Hippocrates in ancient times, while “economic crisis” was introduced into specialist language by J.C.L.S. de Sismondi in 1827. In turn, in 1725, R. Cantillon enriched the economic vocabulary by the concept of “risk” and “uncertainty”. Taking them into account, he contributed to the development of economic sciences and their approximation to the real economy. Precise and unambiguous definitions of risk and uncertainty are credited to F.H. Knight and J.M. Keynes.