Mineral Rents and Social Policy: The Case of the Norwegian Government Oil Fund

In terms of several economic dimensions, Norway offers a very particular case study. Following the discovery of substantial petroleum resources in 1969, it has grown to become one of the richest countries in the world measured in terms of per capita gross domestic product (GDP). This extraordinary growth performance may have a number of causes that have nothing to do with the expansion of the petroleum sector and the transformation of petroleum wealth into financial assets. However, the Norwegian experience is an exception to the standard gloomy story of resource-rich countries told by Sachs and Warner (2001).