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

Fink, Johanna LU and Ducoing, Cristian LU orcid (2021) In LSR Working papers series
Abstract
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... (More)
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. (Less)
Please use this url to cite or link to this publication:
author
and
organization
publishing date
type
Working paper/Preprint
publication status
published
subject
keywords
Norway, Natural Resources, Genuine Savings, Oil, Well-being, N53, N54, N13, Q56, Q33
in
LSR Working papers series
issue
2021:05
pages
46 pages
project
Genuine Savings as a measure of sustainable development. Towards a GDP replacement.
language
English
LU publication?
yes
id
2d5129b3-c48a-4f88-a9d5-aa37bd53f90b
date added to LUP
2021-09-30 11:03:29
date last changed
2021-09-30 12:31:49
@misc{2d5129b3-c48a-4f88-a9d5-aa37bd53f90b,
  abstract     = {{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.}},
  author       = {{Fink, Johanna and Ducoing, Cristian}},
  keywords     = {{Norway; Natural Resources; Genuine Savings; Oil; Well-being; N53; N54; N13; Q56; Q33}},
  language     = {{eng}},
  note         = {{Working Paper}},
  number       = {{2021:05}},
  series       = {{LSR Working papers series}},
  title        = {{Does natural resource extraction compromise future well-being? Norwegian Genuine Savings 1865-2018}},
  url          = {{https://lup.lub.lu.se/search/files/103174253/LSRWPS0521.pdf}},
  year         = {{2021}},
}