Norway the odd country. The fear of Dutch disease, a democratic problem.

The impressive increase of Norwegian national wealth since the 1970s is mainly attributable to endowment in natural resource and the well-working of institutions. This work highlights how in addition of the traditional man-made capital, human capital, and natural capital, the Norwegian model, relies greatly on a particular type capital that is not explicitly enough mentioned in economics, namely the “institutional capital”. The “institutional capital” can without hesitation be included among the inputs used to create value in Norway because the Norwegian institutions do not just constitute a r... Mehr ...