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Johanna Fink . Photo

Johanna Fink

Doctoral student

Johanna Fink . Photo

Does natural resource extraction compromise future well-being? Norwegian Genuine Savings 1865-2018

Author

  • Johanna Fink
  • Cristian Ducoing

Summary, in English

Over recent years Genuine Savings (GS) has emerged as an indicator for weak sustainability and predictor of socio-economic well-being. This paper presents the first long-term GS estimates for Norway, covering the period from 1865 until 2019. The preliminary results indicate unsustainable development throughout most of the period leading up to the Second World War and sustainable development ever since 1946. This result is rather surprising since the discovery of oil and natural gas fields in 1969 resulted in substantial natural resource depletion, which is usually associated with negative levels of GS. However, in a particularity compared to most natural resource exporters, Norway managed to achieve sustainable development by compensating natural resource depletion with high investments into human and physical capital.

Department/s

  • Department of Economic History
  • Sustainability transformations over time and space
  • Economic development of the Global South

Publishing year

2021-09

Language

English

Publication/Series

LSR Working papers series

Issue

2021:05

Document type

Working paper

Topic

  • Economic History

Keywords

  • Norway
  • Natural Resources
  • Genuine Savings
  • Oil
  • Well-being
  • N53
  • N54
  • N13
  • Q56
  • Q33

Status

Published

Project

  • Genuine Savings as a measure of sustainable development. Towards a GDP replacement.