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Learning from Bjartur About Today's Icelandic Economic Crisis

Author(s): Maria Pia Paganelli

Journal: Nordicum-Mediterraneum
ISSN 1670-6242

Volume: 5;
Issue: 1;
Start page: B6;
Date: 2010;
Original page

Keywords: Iceland | crisis | economy | Laxness

Economies are complex systems resulting from human action but not from human design. The economic success of Iceland in recent decades was the result of the development of good institutions combined with a positive global economic climate. The recent economic downturn, not just in Iceland but around the world, should be a reminder that good institutions matter and should serve as an exhortation to continue building good institutions rather than dismissing them in favor of institutions that generate poverty.
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