degree in economics from the University of Copenhagen in 1906,[3] the fourth Icelander to major in the field.
[3] He sat on several boards and was a founder and first president of the Icelandic Association of Economists (Félag hagfræðinga).
[2][3] Þorsteinn was married to Guðrún Geirsdóttir, daughter of Geir T. Zoëga, the rector of Menntaskólinn í Reykjavík; she died in 1955.
He wrote the first Icelandic textbook of Esperanto,[4][5][6] a translation of the book by Théophile Cart; it appeared in 1909 and was republished in 1927.
[2][3] In his position as director of the Bureau of Statistics, Þorsteinn edited and wrote or co-wrote many publications, including a monthly bulletin, a multi-volume list of the names in the 1703 census, and the handbook of Iceland published four times between 1926 and 1946 under the auspices of Landsbanki.