Originally posted by Bardock42
Oh sorry, only 1/4th or its GDP, that's negligible.
Sure is when there are several nations that have greater than 20% of their GDP related to oil, as well.
Let's see: Russia, Saudi Arabia (closer to 40%), Iran, aaaaand I'm out already.
Norway would still have a very information industry if all Petro related jobs ceased to exist. Not only that, but they are one of the best at making a government/private change (if not the best.) What's excellent about Norway is their foresight in development: developing policies that are supposed to foster other industries other than Petro. Ever hear of their "centers of expertise?" A hedge against too much reliance on Petro.
You may be asking yourself: why the **** does a stupid Yank know so much about Norway? It's cause I've considered living there. 😐
Originally posted by King Kandy
Capitalism is never used purely in any G20 nation. The only "pure capitalism" I can think of is places like Somalia where there really isn't much of a government to intervene in the first place. And is definitely not a good place to be.
I agree. Pure capitalism, unchecked and unregulated, is a very shitty economic system. Pure socialism is a shitty economic system, as well.
A well balanced mixed economy with foresight and adjustments (such as the things Norway is doing) applied, make for an absurdly good economy. Not only that, your people are happy.
Originally posted by dadudemon
Sure is when there are several nations that have greater than 20% of their GDP related to oil, as well.Let's see: Russia, Saudi Arabia (closer to 40%), Iran, aaaaand I'm out already.
Norway would still have a very information industry if all Petro related jobs ceased to exist. Not only that, but they are one of the best at making a government/private change (if not the best.) What's excellent about Norway is their foresight in development: developing policies that are supposed to foster other industries other than Petro. Ever hear of their "centers of expertise?" A hedge against too much reliance on Petro.
You may be asking yourself: why the **** does a stupid Yank know so much about Norway? It's cause I've considered living there. 😐
The fact is that with 25% of the GDP, they couldn't afford the same amount of social welfare if that wasn't available, which is what I am saying. And yes, I know Norway is trying to build new sectors, however it doesn't seem like they could afford the same standard of living if their oil and gas was depleted.
Originally posted by dadudemon
Norway would still have a very information industry if all Petro related jobs ceased to exist. Not only that, but they are one of the best at making a government/private change (if not the best.) What's excellent about Norway is their foresight in development: developing policies that are supposed to foster other industries other than Petro. Ever hear of their "centers of expertise?" A hedge against too much reliance on Petro.
any economy that, due to some cataclism, lost even 5% of any industry would face serious slow downs and reprecussions. a loss of 1/4 to 1/5 of their GROSS domestic activity puts them in a situation like Greece.
now, factor in that this industry is the domestic energy industry...
Norway has lots going for it, but that would be such a devestating hit. It would recover, surely, but the political and economic landscape of the nation would be entirely different.
Originally posted by Bardock42
The fact is that with 25% of the GDP, they couldn't afford the same amount of social welfare if that wasn't available, which is what I am saying. And yes, I know Norway is trying to build new sectors, however it doesn't seem like they could afford the same standard of living if their oil and gas was depleted.
You are correct. They would not be able to afford the same standard of living, at first. But they would rebound since Petroleum is not their fastest growing economic sector. (It was in the 70s, however.)
Also considering their domestic polices of "economic" focus, it makes for a far better environment for the upcoming energy crisis that we are doomed to face.
Originally posted by inimalist
any economy that, due to some cataclism, lost even 5% of any industry would face serious slow downs and reprecussions. a loss of 1/4 to 1/5 of their GROSS domestic activity puts them in a situation like Greece.now, factor in that this industry is the domestic energy industry...
Norway has lots going for it, but that would be such a devestating hit. It would recover, surely, but the political and economic landscape of the nation would be entirely different.
"[E]ntirely different" is inaccurate. In fact, they would largely be the same. And my post does not indicate "instantly cease to exist." I think both of you are taking it out of context. I actually believe that most of their Petro jobs will cease to exist in the next 2-3 decades...and apparently, they do to.
The US not only loss all of their annual growth, they actually went into the negative...and didn't grow at all. I could do the math to see how much growth changed, but it would amount to something between 5-10%. You saw how much of an impact it had. But how much did the US change, so far? Did we see any paradigm shifts in the jobs market? Not really...cept for housing. Everything else remained largely the same. (Meaning, after we completely rebound, all jobs will remain within two standard deviations of each other, year over year, to pre-crisis levels.)
Norway WILL experience a large loss of Petroleum related revenue over the next 2 to 3 decades. Depends on how fast alternative energy sources are explored and adopted and how much Petro. fossil fuels will be left.