| Summary: | Distinguished guest of honour, Gudmundur K. Magnusson, ladies and gentlemen! For us, who are gathered here to honour Dr. Gudmundur K. Magnusson, former Rector and Professor Emeritus, his brilliant career raises feelings of both respect and pride. Dr. Magnusson retired from his position at the University of Iceland on 1 May of this year, but his career has been both diverse and singularly successful. Naturally our feelings are mixed when such a strong leader retires. We will miss him, but at the same time we are thankful for his invaluable efforts on behalf of the University of Iceland. Dr. Magnusson came to the University upon graduation from Uppsala University and studies at the Massachusetts Institute of Technology (MIT) in Boston, USA. He was a lecturer at Uppsala University for a few years, but became a professor at the University of Iceland in 1968, so the University has benefited from his work for close to 40 years. Dr. Magnusson has held many positions of responsibility for the University of Iceland. Immediately in his second year of employment, he became the Dean of the Faculty of Business, as it was known at the time, and later became Rector for a period of six years, from 1979 to 1985. Dr. Magnusson is one of the fathers of formal education in economics in Iceland. The programme in economics at the Faculty of Business was founded on his initiative, and evolved into the founding of the Department of Economics. Dr. Magnusson was also a driving force in the foundation of the Institute of Economic Studies; he was its first director and from the beginning set the course for its operation. The flourishing teaching and research in economics at the University of Iceland is largely thanks to the pioneering efforts of Dr. Magnusson.
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