Avoiding the resource curse the case Norway

In many countries, natural resources have been detrimental to the economic development. The literature on "the resource curse" shows a bleak relationship: countries with large natural resources generally experience lower economic growth than other countries. Norway does not fit into this picture. Economic growth has much higher than in most other industrialized countries. This paper describes the key features of the Norwegian management of the petroleum resources. The main focus is on the management of the revenues from the petroleum sector, but the effects of the petroleum sector on the Norwegian economy more generally are also discussed. (C) 2013 Elsevier Ltd. All rights reserved.