Re:Unlike most millennials, Norway's are rich
by fulafel on Saturday July 14, 2018 @06:21AM
(#17529705)
Norway is the only oil economy that has managed to avoid the resource curse.
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Re:Unlike most millennials, Norway's are rich
by dredmorbius on Saturday July 14, 2018 @02:08PM
(#17531496)
The U.S. might be another, no?
Re:Unlike most millennials, Norway's are rich
by fulafel on Saturday July 14, 2018 @02:46PM
(#17531711)
US was until recently a net importer of oil, so it's sort of a lite oil economy.
Norway is exporting $50+B/year worth of oil industry products with a population of 5 million people and this has been going on for a long time.
Re:Unlike most millennials, Norway's are rich
by dredmorbius on Saturday July 14, 2018 @02:51PM
(#17531742)
The US has extracted more oil than any other country on Earth, full stop.
It was a net exporter from the 1860s through 1950.
It had surplus extraction capacity until 1972.
And yet, no resource curse?
Re:Unlike most millennials, Norway's are rich
by fulafel on Sunday July 15, 2018 @05:16AM
(#17534484)
Ots the $$ per capita in (un/underrefined) exports that does it. Oil was cheap pre-50s and us has a big population. I can't be bothered to look up the figure but i bet it was much smaller than Norway's $$/capita figure.
Re:Unlike most millennials, Norway's are rich
by dredmorbius on Sunday July 15, 2018 @12:25PM
(#17535870)
Possibly.
I don't have an answer, but the question's an interesting one.
Accounts of early US oil history and sudden and capricious wealth, particularly in Pennsylvania, Texas, California, etc., are fascinating.