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

Fink, Johanna LU and Ducoing, Cristian LU (2022) In The Extractive Industries and Society 11.
Abstract
In recent years Genuine Savings (GS) has emerged as an indicator of 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 2018. The preliminary results indicate unsustainable development throughout most of the period leading up to the Second World War and positive GS since 1946, with a single exception in 1992. 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... (More)
In recent years Genuine Savings (GS) has emerged as an indicator of 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 2018. The preliminary results indicate unsustainable development throughout most of the period leading up to the Second World War and positive GS since 1946, with a single exception in 1992. 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. \\
Keywords: Norway; Natural Resources, Genuine Savings, Oil, Well-being (Less)
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author
and
organization
publishing date
type
Contribution to journal
publication status
published
subject
in
The Extractive Industries and Society
volume
11
article number
101127
publisher
Elsevier
external identifiers
  • scopus:85134730913
ISSN
2214-790X
DOI
10.1016/j.exis.2022.101127
project
Genuine Savings as a measure of sustainable development. Towards a GDP replacement.
language
English
LU publication?
yes
id
a1909fec-9b64-402b-9953-67556cb6151f
date added to LUP
2022-07-14 21:41:30
date last changed
2022-10-31 14:59:14
@article{a1909fec-9b64-402b-9953-67556cb6151f,
  abstract     = {{In recent years Genuine Savings (GS) has emerged as an indicator of 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 2018. The preliminary results indicate unsustainable development throughout most of the period leading up to the Second World War and positive GS since 1946, with a single exception in 1992. 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. \\<br/>Keywords: Norway; Natural Resources, Genuine Savings, Oil, Well-being}},
  author       = {{Fink, Johanna and Ducoing, Cristian}},
  issn         = {{2214-790X}},
  language     = {{eng}},
  publisher    = {{Elsevier}},
  series       = {{The Extractive Industries and Society}},
  title        = {{Does natural resource extraction compromise future well-being? Norwegian Genuine Savings, 1865-2018}},
  url          = {{http://dx.doi.org/10.1016/j.exis.2022.101127}},
  doi          = {{10.1016/j.exis.2022.101127}},
  volume       = {{11}},
  year         = {{2022}},
}