One of the problems I see in Iceland which I think is an urgent problem for "an economics of the left" or "heterodox economics" to consider is... how can a place like Iceland grow?

Culture, art and innovation. People like culture and art and are willing to spend huge sums on them. Encouraging them a little, creating new market models for both art and innovation, and moving the centre of gravity of the economy away from meaningless financial bullshit towards 'service' products that actually service people could do something interesting.

Markets and distribution methods are potentially global now, so as long as there's decent bandwidth there's no reason any country in the world should be left out.

Yes, this would lead to some extent to the creation of self-funding funny money. But that's what happens already anyway. The only difference now is that people believe - or used to believe - that their money, and its managers, were Very Serious™.

That's about to change, and something low maintenance but productive needs to take its place.