Books in English by Hannes Gissurarson
Communism in Iceland, 1918–1998, 2021
A brief history of the radical left-wing movement in Iceland which operated as a faction in the L... more A brief history of the radical left-wing movement in Iceland which operated as a faction in the Labour Party until 1930, as the Communist Party of Iceland in 1930–1938, as the Socialist Unity Party in 1938–1968, and as the People’s Alliance in 1968–1998. It started in Copenhagen in 1918 and came to a close in Havana in 1998.
Report for New Direction, 2018
Rawls and Piketty are the most prominent modern redistributionists. There are great flaws in thei... more Rawls and Piketty are the most prominent modern redistributionists. There are great flaws in their theories. Rawls presents a theory of prudence, not of justice. He implausibly rejects individual entitlements to abilities, inherited or aquired. Piketty is worried about wealth, not about poverty which is the real social evil. He is plainly wrong that wealth clings to certain individuals and families: it is highly mobile and precarious. This is illustrated in the two novels Piketty frequently quotes, by Balzac and Austen, and of course also by evidence from real life.
Report for New Direction, 2018
Conservatives and liberals (of the old kind, not in the American sense) are often seen as opposit... more Conservatives and liberals (of the old kind, not in the American sense) are often seen as opposites. But there is a conservative liberal tradition best articulated by Friedrich A. von Hayek, combining classical liberal principles and conservative insights. It entails support of the free market, with prices as coordinating devices, respect for traditions and awareness of the limitations of individual reason.
Report for New Direction, 2017
The 2008 Icelandic bank collapse was not because the Icelandic economy was too free or because th... more The 2008 Icelandic bank collapse was not because the Icelandic economy was too free or because the banks were too big. It happened because Iceland was denied the same liquidity assistance that the other Nordic countries received, both from the US Fed and European central banks. The Icelanders were forced to let the banks fail, and discovered a way out of the quandry: to give depositors priority claims to bank estates which makes government guarantees of banks superflous.
Report for New Direction, 2016
The relative success of the Nordic countries is despite, not because of social democracy. Its mai... more The relative success of the Nordic countries is despite, not because of social democracy. Its main causes are the rule of law, free trade and social cohesion. There is a strong liberal tradition in the Nordic countries, starting with independent-minded farmers of the middle ages opposing royal abuses of power, and carried on by thinkers like Anders Chydenius in Sweden. While Sven Rydenfelt in Sweden, Christian Gandil in Denmark and Trygve Hoff in Norway were for a while voices in the wilderness, they are now revered by the young generation of Nordic liberals.
Report for New Direction, 2016
Small states are attractive for many reasons. But they may be vulnerable in some respects. Econom... more Small states are attractive for many reasons. But they may be vulnerable in some respects. Economic integration however facilitates the creation of small political units, because it enables these small units to enjoy the immense benefits of the international division of labour. And military vulnerability may be reduced by alliances with bigger states, for the small European countries mainly by NATO, which relies on the military might of the US.
Report to the Icelandic Ministry of Finance and Economic Affairs 19 September 2018, from the Soci... more Report to the Icelandic Ministry of Finance and Economic Affairs 19 September 2018, from the Social Science Research Institute
In the first part the report discusses the common claim that our environment is being destroyed a... more In the first part the report discusses the common claim that our environment is being destroyed and recalls dire predictions about the future, trying to explain their emotional roots. In the second part it describes the main tenets of ‘wise use environmentalism’ and the economic and political case for private property rights. In the third part it analyses solutions that have been developed in Iceland to the problem of common-pool or non-exclusive resources, such as mountain pastures, salmon rivers and, most importantly, offshore fisheries. In the fourth part it looks at exotic wildlife, whales, elephants, and rhinos and argues that the best way to conserve these valuable species is by defining some kind of use rights to them, akin to private property rights, and to allow trade in their products. Finally, it offers some recommendations.
Papers exploring and assessing the radical reorganization of ocean fisheries in the final decades... more Papers exploring and assessing the radical reorganization of ocean fisheries in the final decades of the 20th century
Collection of four papers on the system of ITQs, Individual Transferable Quotas, in fisheries, in... more Collection of four papers on the system of ITQs, Individual Transferable Quotas, in fisheries, in particular the ethics and economics of the initial allocation of quotas and the experience in Iceland of an ITQ system.
Papers by Hannes Gissurarson
Econ Watch Journal, 2018
Response to a critique by Professor Stefan Olafsson of two previous articles in the journal about... more Response to a critique by Professor Stefan Olafsson of two previous articles in the journal about liberalism in Iceland, the liberal reforms of 1991–2004 and the 2008 bank collapse.
Econ Watch Journal, 2017
Account of liberal thought in Iceland, starting with the private enforcement of law in the Icelan... more Account of liberal thought in Iceland, starting with the private enforcement of law in the Icelandic Commonwealth, but carried on by thinkers in the 19th and 20th centuries, Jon Sigurdsson, Arnljotur Olafsson and Jon Thorlaksson. The remarkable late 20th century invention of individual transferable quotas in the Icelandic fisheries is also described.
A critical appraisal of the first full-length book to appear on the 2008 Icelandic bank collapse.
While neither book adds much to the analysis or understanding of the Icelandic bank collapse, bot... more While neither book adds much to the analysis or understanding of the Icelandic bank collapse, both depending very much
on the narrative already offered in the 2010 SIC Report, Bergmann’s book is far more interesting and original. Both
authors, Johnsen and Bergmann, seem, however, to be somewhat parochial, treating the collapse as a unique event in Icelandic history rather than as a part of an international financial crisis.
Iceland, a remote country with a harsh climate, and a Norwegian-Danish dependency since 1262, was... more Iceland, a remote country with a harsh climate, and a Norwegian-Danish dependency since 1262, was not much coveted by European powers, despite her fertile fishing grounds, technologically accessible since the early 15th Century. In 1518 and 1524, Danish King Christian I unsuccessfully tried to pledge Iceland against a loan from English King Henry VIII. In 1535, King Christian III also tried to do this, but again Henry VIII turned down the request. In 1645, King Christian IV tried to pledge Iceland against a loan from Hanseatic merchants, but yet again, there was not sufficient interest. Indeed, so harsh seemed Iceland’s climate that in 1784–5, after a massive vulcanic eruption and an earthquake, it was seriously contemplated in Copenhagen to evacuate the Icelandic population to other parts of the Danish realm. However, during the Napoleonic Wars the British government briefly considered annexing Iceland. Sir Joseph Banks, who had toured Iceland, wrote three reports, in 1801, 1807 and 1813, recommending this. Ultimately, the British government decided against it: Iceland was not sufficiently attractive. In 1868, a report was written at the initiative of the U.S. Secretary of State William H. Seward on a possible purchase of Iceland, but the idea was so ill-received that Secretary Seward made no further move. The conclusion is that Iceland was a marginal society until it became, in the 20th century, strategically important, enjoying the military and political protection of the U.S. from 1941 to 2006. After that, Iceland became marginal again and thus expendable.
Cayman Financial Review No. 38, 2015, pp. 68–70, Jan 20, 2015
The Journal of Ayn Rand Studies, Vol. 14, No. 2, Dec 1, 2014
Thomas Piketty underestimates the disposable income of the poor, while he overestimates the corre... more Thomas Piketty underestimates the disposable income of the poor, while he overestimates the corresponding income of the rich, for systemic reasons. Recently, global income inequality has gone down.
Rannsoknir i felagsvisindum XV. Reykjavik: Felagsvisindastofnun., Oct 31, 2014
In his 2011 book, Back from the Brink, Alistair Darling, former British Chancellor of the Exchequ... more In his 2011 book, Back from the Brink, Alistair Darling, former British Chancellor of the Exchequer, displays considerable hostility to Iceland, and is misinformed about its economy. Why? This paper suggests some explanations.
Uploads
Books in English by Hannes Gissurarson
Papers by Hannes Gissurarson
on the narrative already offered in the 2010 SIC Report, Bergmann’s book is far more interesting and original. Both
authors, Johnsen and Bergmann, seem, however, to be somewhat parochial, treating the collapse as a unique event in Icelandic history rather than as a part of an international financial crisis.
on the narrative already offered in the 2010 SIC Report, Bergmann’s book is far more interesting and original. Both
authors, Johnsen and Bergmann, seem, however, to be somewhat parochial, treating the collapse as a unique event in Icelandic history rather than as a part of an international financial crisis.