Scandinavian Working Papers in Economics

Memorandum,
Oslo University, Department of Economics

No 14/2011: Mineral Rents and Social Development in Norway

Halvor Mehlum (), Karl Moene () and Ragnar Torvik
Additional contact information
Halvor Mehlum: Dept. of Economics, University of Oslo, Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Karl Moene: Dept. of Economics, University of Oslo, Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Ragnar Torvik: Department of Economics, Norwegian University of Science and Technology

Abstract: Norway is often referred to as the prime example of a country that has achieved high growth and low income inequality despite its vast natural resources. This contrasts sharply with many other resource abundant countries, which raises the questions why Norway has succeeded while many other resource abundant countries have not. That is the topic of this paper. To make progress we first need to find out along which dimensions Norway differs from resource abundant countries with a less favorable development. Thereafter we turn to a more detailed description and investigation of the policies adopted in Norway, and discuss if there are lessons to be learned for other resource abundant countries.

Keywords: Sovereign wealth fund; Norway; multi-sector growth; labor supply

JEL-codes: E60; E61; O13; Q32; Q38

37 pages, March 16, 2011

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