On Natural Resource Rent and the Wealth of a Nation A Study Based on National Accounts in Norway 1930-95
AbstractNational wealth can be divided into real capital, financial capital, human capital and natural resource wealth. We use the National Accounts measures to illustrate the development of the wealth from 1930 to 1995, with special focus on the contribution from the natural resources. Norway is often described as an economy that is very dependent on its natural resources. However, apart from the petroleum sector, the resource rent for the natural resource sectors was generally small or negative over this period. This may indicate that these industries to a large degree fulfilled political goals as stimulating employment possibilities in sparsely populated areas. The contribution from the traditional natural resources to the national wealth declined somewhat over the period. Norway seems to have been just as dependent on these traditional natural resources in the 1930s as we were on the natural resource industries in the nineties, when we in addition extracted oil and gas. This may be somewhat surprising, as a common apprehension is that Norway becoming an oil producer to a large extent increased the importance of the natural resources in the economy. The most important economic resource throughout the period was a highly qualified labour force, varying from 60 to 80 percent of the total national wealth in most years. In years with strong technological progress human capital reached over 80 percent of the total wealth, as development in know-how and technology ascribes to this category of wealth.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Research Department of Statistics Norway in its series Discussion Papers with number 281.
Date of creation: Aug 2000
Date of revision:
Human capital; National Accounts; national wealth; resource rent;
Find related papers by JEL classification:
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- N00 - Economic History - - General - - - General
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Farzin, Y H, 1992. "The Time Path of Scarcity Rent in the Theory of Exhaustible Resources," Economic Journal, Royal Economic Society, vol. 102(413), pages 813-30, July.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (J Bruusgaard).
If references are entirely missing, you can add them using this form.