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The Last Premonition. By Þorvald Gylfason.
Where do we stand and where are we headed? The book poses burning questions for the reader. Why are wages in Iceland so low? What is needed to lift the nation out of the low-wage trap? Why are our Irish cousins one of the poorest nations in Europe? How did the Faroese manage to get their economy back on track? Who is responsible? Why are the Nordic countries in crisis? What went wrong? Why is unemployment a problem? Who benefits from it? What can we learn from the economic growth miracle in East Asia? What can we learn from the transition of the Eastern European countries from central government to a market economy? How is it best to conduct such a radical transition, in stages or in one go? What is the nature of the European Union's protectionist policy? How much does it cost? Where does it lead? Do we have a partnership with Europe? To what end? Are we in danger of losing our best people? What can we do to turn defense into offense and keep young people at home? The author of the book, Þorvaldur Gylfason, answers these questions for his part. He discusses clearly and concisely the economic difficulties of Icelanders in recent years and places them in the context of various weaknesses in the economic infrastructure, economic policy and economic governance at home and also with economic developments in other countries. He argues that the roots of the economic problem here at home lie deep in the infrastructure of society, attitudes and mentality and stretch their roots far back in time, and that radical economic and political reforms are therefore needed to lead Icelanders out of their predicament.
Where do we stand and where are we headed? The book poses burning questions for the reader. Why are wages in Iceland so low? What is needed to lift the nation out of the low-wage trap? Why are our Irish cousins one of the poorest nations in Europe? How did the Faroese manage to get their economy back on track? Who is responsible? Why are the Nordic countries in crisis? What went wrong? Why is unemployment a problem? Who benefits from it? What can we learn from the economic growth miracle in East Asia? What can we learn from the transition of the Eastern European countries from central government to a market economy? How is it best to conduct such a radical transition, in stages or in one go? What is the nature of the European Union's protectionist policy? How much does it cost? Where does it lead? Do we have a partnership with Europe? To what end? Are we in danger of losing our best people? What can we do to turn defense into offense and keep young people at home? The author of the book, Þorvaldur Gylfason, answers these questions for his part. He discusses clearly and concisely the economic difficulties of Icelanders in recent years and places them in the context of various weaknesses in the economic infrastructure, economic policy and economic governance at home and also with economic developments in other countries. He argues that the roots of the economic problem here at home lie deep in the infrastructure of society, attitudes and mentality and stretch their roots far back in time, and that radical economic and political reforms are therefore needed to lead Icelanders out of their predicament.