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Impact of MPS members
Friedrich von Hayek visited Iceland in early April 1980. Here he is in bad weather at Thingvellir, the ancient parliamentary site, with Hannes H. Gissurarson (right) and Geir H. Haarde, then leader of the youth movement of the Independence Party, now Minister of Finance.
In Iceland in 1980, Hayek gave two memorable lectures, one on “The Muddle of the Middle” where he criticised redistribution, and another on ”The Monetary Order” where he outlined his idea of competitive monies. His visit to Iceland made a huge impact on the intellectual debate.
Milton Friedman visited Iceland in August 1984 and gave a paper on ”The Tyranny of the Status Quo”. There he argued for constitutional constraints on government. At a press conference, a reporter asked him if he had a solution for Iceland in one word. He said yes: The word was ”Freedom.“ Friedman also participated in a memorable television debate where he famously outwitted his socialist opponents, three Icelandic intellectuals.
James M. Buchanan visited Iceland in 1982 and gave a paper on fiscal and monetary constraints. David Oddsson, then Mayor of Reykjavik, gave a dinner for him (Buchanan first from left, Hannes H. Gissurarson third from left, Thrainn Eggertsson fourth from left). In 1991, Oddsson became Prime Minister and instigated an ambitious (and successful) programme of reform, liberalisation, deregulation, privatisation, stabilisation and tax reduction.
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