The abandoned farm Olafsdalur is in a synonymous valley in the Dalir District. The farmer Torfi Bjarnason (1838-1915) established there the first agricultural college of the country on his own. This school was operated from 1880 to 1907, when the government took over the agricultural education.
Torfi was by far the greatest pioneer in the advancement of such education in his time and emphasized improvements in this field. He made and imported Scottish scythes, which were named after him, and many other important instruments were made as well. A memorial to commemorate Torfi, his wife, Gudlaug, and their effort, was erected there in 1955. The farm now belongs to a college in the capital.