Date: 2025-08-20 Page is: DBtxt003.php txt00025953
NORWAY
OIL AND PHOSPHATE WEALTH
Economics Explained: Did The Perfect Economy Just Get Better?
OIL AND PHOSPHATE WEALTH
Economics Explained: Did The Perfect Economy Just Get Better?
Original article: https://www.youtube.com/watch?v=krG2eWW4n5A
Peter Burgess COMMENTARY
Norway has chosen very good policy options over the past several decades ... probably better than any other country in the world.
Until relatively recent times, Norway was a small country in terms of population and economic output, with the fishing industry the most important industry.
This changed when it became possible to exploit the offshore oil in Norwegian territorial waters and develop a major new industry
Unlike most countries that discovered recoverable crude oil, Norway did not spend the resultant cash flow from oil sales, but conserved it for future generations. Quality of life in Norway improved, but not by wasteful profligacy which has been the norm in most other oil-rich countries.
This video reports on another potential source of wealth for Norway ... phosphate deposits that are reported to be bigger than the deposits in Morocco that are the largest in the world prior to this discovery.
I have only seen this information reported via 'Economics Explained'. Mostly I have obtained my knowledge from multiple sources so I am not fully convinced of the information's veracity.
Norway is already one of the wealthiest populations in the world ... with the additional value associated with the phosphate deposits, Norwegian wealth increases by another huge amount!
Peter Burgess
Economics Explained
2.38M subscribers ... 549,105 views
Nov 17, 2023
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The first video we did on this channel was about Norway, a country that has some of the wealthiest citizens in the world, as well as incredible economic management. They avoided the Dutch disease when they discovered offshore oil, but now they have discovered the world's largest reserves of phosphates. Could this strategic resource cause issues, or will it make Norwegians even more wealthy than they already are?
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