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Iceland: Evolution of a small resource-based economy

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  • Duhs, L.A.

Abstract

Iceland is a small, isolated, resource-dependent country — just like Australia. It has a quite remarkable economic history, and in the last century, has fought its way from a position of relative poverty to being one of the richest countries in the world. For the most part it has pursued a Nordic approach to economic development, and has thereby circumvented some of the small government stances of market-based economies. In the context of its famed financial bubble, and its experience of boom, bust and revival in the last two decades, Iceland’s recent history might indeed be said to have generated a new Icelandic saga, as its brief dalliance with Austrian School economics first spawned an unprecedented boom, only then to see self-congratulation metamorphose into the jailing of some ‘bankster’ executives.

Suggested Citation

  • Duhs, L.A., 2021. "Iceland: Evolution of a small resource-based economy," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 574-584.
    • Handle: RePEc:eee:ecanpo:v:69:y:2021:i:c:p:574-584
    DOI: 10.1016/j.eap.2021.01.007
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    References listed on IDEAS

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    1. Megan Scudellari, 2020. "How Iceland hammered COVID with science," Nature, Nature, vol. 587(7835), pages 536-539, November.
    2. Alan Duhs, 2015. "Finland and Sweden: a Nordic response to the Chicago School," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 6(2), pages 165-180.
    3. World Bank Group, "undated". "State and Trends of Carbon Pricing 2019," World Bank Publications - Reports 31755, The World Bank Group.
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    Cited by:

    1. Cook, David & Kaji, Takeshi Benjamín & Davíðsdóttir, Brynhildur, 2023. "An assessment of the scope and comprehensiveness of well-being economy indicator sets: The cases of Iceland, Scotland and New Zealand," Ecological Economics, Elsevier, vol. 205(C).

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    More about this item

    Keywords

    Iceland; Economic history; Boom and bust; Australian comparisons;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • H0 - Public Economics - - General
    • N2 - Economic History - - Financial Markets and Institutions
    • N4 - Economic History - - Government, War, Law, International Relations, and Regulation
    • N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries

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