n Journal of Emerging Trends in Economics and Management Sciences - Economic theory needs a new view of the phenomenon of randomness

Volume 4, Issue 5
  • ISSN : 2141-7024
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This article was written as a contribution to the research project of the Faculty of Finance and Accounting at the University of Economics, Prague, Czech Republic, which was carried out within the framework of the institutional support of the University (IP 100040). Its authors deal with the question of the level of determinism in the world today and the role of randomness in the life of both society and individuals. The attempt to increase the formalisation and mathematization of economics has not proved to be effective. It has turned out that heuristicists and empiricists are better able to anticipate the consequences of randomness on economic conditions in the world and to explain the behaviour of people and economic subjects when solving decision-making problems in uncertain conditions. The dilemma of anticipating randomness in economic tasks is seen in the problem of the insurance business, the introduction of measures such as limits on the payment of damages and exceptions from the obligation to fulfill contracts, measures which certainly "sterilise" randomness and protect insurance companies from insolvency, but, at the same time, reduce the effectiveness of insurance.

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