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Thorvaldur Gylfason


Thorvaldur Gylfason is professor emeritus of economics at the University of Iceland and a former member of Iceland´s Constitutional Council.

Thorvaldur Gylfason

Economics – An Apology

Thorvaldur Gylfason 3rd March 2025

Mainstream economics has shaped modern policymaking, but its failures and ideological divides reveal deeper systemic flaws.

G7 versus the BRICS: taking stock in 12 figures

Thorvaldur Gylfason 3rd October 2023

Can China and Russia offer an alternative social model to the universal norms they reject? The evidence says no.

A tale of two countries: Belarus and Lithuania

Thorvaldur Gylfason 16th May 2023

In 1991, Belarus did not join the Baltic states in striking out independently from the Soviet Union. Now the jury is in.

Constitutional moments: Chile and Iceland

Thorvaldur Gylfason 20th October 2022

Some perspective on the referendum defeat for Chile’s draft constitution comes from a different quarter—Iceland.

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

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

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

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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WSI Report

WSI Minimum Wage Report 2025

The trend towards significant nominal minimum wage increases is continuing this year. In view of falling inflation rates, this translates into a sizeable increase in purchasing power for minimum wage earners in most European countries. The background to this is the implementation of the European Minimum Wage Directive, which has led to a reorientation of minimum wage policy in many countries and is thus boosting the dynamics of minimum wages. Most EU countries are now following the reference values for adequate minimum wages enshrined in the directive, which are 60% of the median wage or 50 % of the average wage. However, for Germany, a structural increase is still necessary to make progress towards an adequate minimum wage.

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The Politics of Unpaid Work

This new book published by Oxford University Press presents the findings of the multiannual ERC research project “Researching Precariousness Across the Paid/Unpaid Work Continuum”,
led by Valeria Pulignano (KU Leuven), which are very important for the prospects of a more equal Europe.

Unpaid labour is no longer limited to the home or volunteer work. It infiltrates paid jobs, eroding rights and deepening inequality. From freelancers’ extra hours to care workers’ unpaid duties, it sustains precarity and fuels inequity. This book exposes the hidden forces behind unpaid labour and calls for systemic change to confront this pressing issue.

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HESA Magazine Cover

What kind of impact is artificial intelligence (AI) having, or likely to have, on the way we work and the conditions we work under? Discover the latest issue of HesaMag, the ETUI’s health and safety magazine, which considers this question from many angles.

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Ageing workforce
How are minimum wage levels changing in Europe?

In a new Eurofound Talks podcast episode, host Mary McCaughey speaks with Eurofound expert Carlos Vacas Soriano about recent changes to minimum wages in Europe and their implications.

Listeners can delve into the intricacies of Europe's minimum wage dynamics and the driving factors behind these shifts. The conversation also highlights the broader effects of minimum wage changes on income inequality and gender equality.

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Spring Issues

The Spring issue of The Progressive Post is out!


Since President Trump’s inauguration, the US – hitherto the cornerstone of Western security – is destabilising the world order it helped to build. The US security umbrella is apparently closing on Europe, Ukraine finds itself less and less protected, and the traditional defender of free trade is now shutting the door to foreign goods, sending stock markets on a rollercoaster. How will the European Union respond to this dramatic landscape change? .


Among this issue’s highlights, we discuss European defence strategies, assess how the US president's recent announcements will impact international trade and explore the risks  and opportunities that algorithms pose for workers.


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