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Thorvaldur Gylfason

Thorvaldur Gylfason is professor of economics at the University of Iceland and Research Fellow at CESifo (Center for Economic Studies) at the University of Munich. A Princeton PhD, he has worked at the International Monetary Fund in Washington DC, taught at Princeton and edited the European Economic Review.

Thorvaldur Gylfason

Democracy in Iceland

Thorvaldur Gylfason 31st March 2021

Iceland enjoys the general perception of Nordic countries as well-governed democracies. Its oligarchs would prefer that that remain so.

Germany bows to Keynes, again

Thorvaldur Gylfason 5th January 2021

Say it quietly, but Germany has learnt the lessons of Keynes. Would that others had done so too.

Assar Lindbeck: an appreciation

Thorvaldur Gylfason 21st September 2020

The Swedish economist’s life of rich activity straddled theory and policy—and painting.

After 1989: the battle for democracy

Thorvaldur Gylfason 9th November 2019

The differing paths of the states which emerged after the fall of the wall show how liberty and the rule of law go hand in hand.

Why Inequality Matters

Thorvaldur Gylfason 26th November 2018

There was a time, not long ago, when most economists did not consider inequality in the distribution of income and wealth all that important. True, in Scandinavia and Austria, for example, distributional issues were embedded in economic policy through “social partnership” from the 1950s onward on the conviction that an equitable income distribution would help […]

Sweden: From Achievements To Uncertainty

Thorvaldur Gylfason 26th July 2017 2 Comments

A quarter of a century ago the economic policies of Sweden’s Social Democrats faced harsh criticism from political opponents as well as from academics. The party had governed the country continuously from 1932 to 1976, mostly in minority government, and then again 1982-1991 (and yet again 1994-2006 and from 2014 to date). Some critics thought […]

Democracy Must Prevail, Always

Thorvaldur Gylfason 22nd June 2017

Diversity is desirable in human affairs, as in nature. Most countries strive toward economic and political diversification. Economic diversification is a way of escaping dependence on a narrow economic base so as to spread risk. Political diversification is another side of the same story. Political diversification is a way of escaping dependence on a narrow […]

Democracy Under Stress

Thorvaldur Gylfason 29th May 2017 1 Comment

Freedom House recently demoted the United States from top rank among the world´s democracies. The reasons given include ‘the cumulative impact of flaws in the electoral system, a disturbing increase in the role of private money in election campaigns and the legislative process, legislative gridlock, the failure of the Obama administration to fulfill promises of […]

Spineless Social Democracy

Thorvaldur Gylfason 5th April 2017 1 Comment

Of all social democratic parties in Europe none has fared worse at the polls of late than Iceland’s Social Democratic Alliance. Whereas in the parliamentary election of 2003 it won 20 out of 63 seats in Parliament, it barely cleared the 5% threshold in the 2016 election, securing three seats, all in rural constituencies. The […]

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EU Care Atlas: a new interactive data map showing how care deficits affect the gender earnings gap in the EU

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While attention is often focused on the gender pay gap (13%), the EU Care Atlas brings to light the more worrisome and complex picture of women’s economic inequalities. The pay gap is just one of three main elements that explain the overall earnings gap, which is estimated at 36.7%. The EU Care Atlas illustrates the urgent need to look beyond the pay gap and understand the interplay between the overall earnings gap and care imbalances.


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Towards a new Minimum Wage Policy in Germany and Europe: WSI minimum wage report 2022

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Bilan social / Social policy in the EU: state of play 2021 and perspectives

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