natgillin/translations-raw huggingface dataset:
When governments implement policies that are unsustainable, citizens may make arrangements to secure themselves.
When governments implement policies that are unsustainable, citizens may make arrangements to secure themselves.
And Governments’ policies become less effective.
And Governments’ policies become less effective.
In economic literature one often makes references to Ricardian equivalence.
In economic literature one often makes references to Ricardian equivalence.
Some 40 years ago Norway discovered oil on its continental shelf.
Some 40 years ago Norway discovered oil on its continental shelf.
This new resource has given us a privileged position.
This new resource has given us a privileged position.
Today, the petroleum sector makes up more than 20 pct. of Norwegian GDP and almost 50 pct. of exports.
Today, the petroleum sector makes up more than 20 pct. of Norwegian GDP and almost 50 pct. of exports.
The sector has given rise to a thriving supply sector and spurred technological innovation in a number of highly advanced niche industries, which are also finding their ways into new markets.
The sector has given rise to a thriving supply sector and spurred technological innovation in a number of highly advanced niche industries, which are also finding their ways into new markets.
As the world’s ninth largest exporter of crude oil and second largest exporter of natural gas, Norway is also an important participant in international energy markets.
As the world’s ninth largest exporter of crude oil and second largest exporter of natural gas, Norway is also an important participant in international energy markets.
However, many countries have experienced that transforming rich resource endowments into a lasting provision of welfare is indeed complicated.
However, many countries have experienced that transforming rich resource endowments into a lasting provision of welfare is indeed complicated.
Expressions like “paradox of plenty”, “resource curse” or “Dutch Disease” are sometimes used to describe the development in countries that failed to do so.
Expressions like “paradox of plenty”, “resource curse” or “Dutch Disease” are sometimes used to describe the development in countries that failed to do so.
Clearly, excessive spending of high, although temporary, revenues is tempting, but will lead to levels of expenditures that are impossible to sustain in the longer term.
Clearly, excessive spending of high, although temporary, revenues is tempting, but will lead to levels of expenditures that are impossible to sustain in the longer term.
Moreover, sectors of potentially high importance when resources are exhausted will be crowded out.
Moreover, sectors of potentially high importance when resources are exhausted will be crowded out.
Or one might get a situation where productive resources are wasted on rent-seeking behaviour, with decreasing economic efficiency as a result.
Or one might get a situation where productive resources are wasted on rent-seeking behaviour, with decreasing economic efficiency as a result.
Consequently, little wealth is left for generations to come.
Consequently, little wealth is left for generations to come.
Contrary to many other petroleum-rich countries, Norway had already developed a well-functioning democracy and fairly good economic institutions when we struck oil.
Contrary to many other petroleum-rich countries, Norway had already developed a well-functioning democracy and fairly good economic institutions when we struck oil.
From the very start considerable attention could therefore be given to designing an appropriate macroeconomic framework.
From the very start considerable attention could therefore be given to designing an appropriate macroeconomic framework.
It was early recognized that the main challenge was to transform a high and temporary revenue stream into an annuity.
It was early recognized that the main challenge was to transform a high and temporary revenue stream into an annuity.
It took some time, however, and some hard learning, before we managed to settle on the present combination of a sovereign wealth fund and a prudent fiscal policy rule.
It took some time, however, and some hard learning, before we managed to settle on the present combination of a sovereign wealth fund and a prudent fiscal policy rule.
According to our framework, the Government’s net cash flow from petroleum activities is set aside in a sovereign wealth fund and invested abroad.
According to our framework, the Government’s net cash flow from petroleum activities is set aside in a sovereign wealth fund and invested abroad.
While the fund first and foremost is a saving vehicle, the expected real return on the fund is phased into the government’s budget every year, allowing for a more generous expenditure side than would otherwise have been the case.
While the fund first and foremost is a saving vehicle, the expected real return on the fund is phased into the government’s budget every year, allowing for a more generous expenditure side than would otherwise have been the case.
While fund capital can be spent only once, the real return can hopefully be spent forever.
While fund capital can be spent only once, the real return can hopefully be spent forever.
In this way, we gradually increase the spending of petroleum revenues at the same time as we shelter the mainland industries from large and fluctuating currency flows stemming from the petroleum sector.
In this way, we gradually increase the spending of petroleum revenues at the same time as we shelter the mainland industries from large and fluctuating currency flows stemming from the petroleum sector.
Moreover, we won’t use more of the oil revenues than what is sustainable in the long run.
Moreover, we won’t use more of the oil revenues than what is sustainable in the long run.
Hopefully, our children and grandchildren will inherit their share of the spending capacity generated by the resources with which my generation was endowed.
Hopefully, our children and grandchildren will inherit their share of the spending capacity generated by the resources with which my generation was endowed.
Without doubt, the petroleum resources and our macroeconomic framework gave us a favourable starting point when the financial crisis hit.
Without doubt, the petroleum resources and our macroeconomic framework gave us a favourable starting point when the financial crisis hit.
Public finances were good and allowed us the necessary room of manoeuvring - of which full use was made.
Public finances were good and allowed us the necessary room of manoeuvring - of which full use was made.
In 2009 we increased the spending of petroleum revenue well above the expected return of the fund, but it now seems that we will be well back on track again this year.
In 2009 we increased the spending of petroleum revenue well above the expected return of the fund, but it now seems that we will be well back on track again this year.
The need for sustainability is not confined to resource-rich countries, however, and present experience has shown that excessive public borrowing can lead to many of the same symptoms as excessive spending of petroleum revenues.
The need for sustainability is not confined to resource-rich countries, however, and present experience has shown that excessive public borrowing can lead to many of the same symptoms as excessive spending of petroleum revenues.
Moreover, borrowed money must be repaid.
Moreover, borrowed money must be repaid.
Public support for a prudent management framework of the petroleum revenue rests on revenue being spent to the benefit of the broad public, not only the few.
Public support for a prudent management framework of the petroleum revenue rests on revenue being spent to the benefit of the broad public, not only the few.
This brings me to my third pillar, namely social equality.
This brings me to my third pillar, namely social equality.
The legitimacy of a government that spends common resources, whether raised through taxation or collected as an economic rent on natural resources, rests on its ability to provide its citizens with adequate welfare distributed by principles considered to be fair.
The legitimacy of a government that spends common resources, whether raised through taxation or collected as an economic rent on natural resources, rests on its ability to provide its citizens with adequate welfare distributed by principles considered to be fair.
As we all know, fairness is a question of some controversy and the exact content may vary among countries, social groups and individuals.
As we all know, fairness is a question of some controversy and the exact content may vary among countries, social groups and individuals.
Nevertheless, in Norway there seem to be a fairly broad consensus on the benefits of an extensive social security net and equal access to education, health and care.
Nevertheless, in Norway there seem to be a fairly broad consensus on the benefits of an extensive social security net and equal access to education, health and care.
Economic theory sometimes presents us with a trade-off between economic efficiency and equality.
Economic theory sometimes presents us with a trade-off between economic efficiency and equality.
Pursuing equality will lead to a loss of efficiency, which translates into lower output and meagre prospects of growth.
Pursuing equality will lead to a loss of efficiency, which translates into lower output and meagre prospects of growth.
However, looking at data, we see a quite clear trend suggesting that countries with a high degree of equality grow faster than countries characterized by inequality.
However, looking at data, we see a quite clear trend suggesting that countries with a high degree of equality grow faster than countries characterized by inequality.
Still, as is often the case in empirical studies, causality is harder to establish.
Still, as is often the case in empirical studies, causality is harder to establish.
Without entering too far into this academic discussion, I do think it is safe to say that the experience of the Nordic countries is an example of substantial harmony rather than conflict between growth and distribution.
Without entering too far into this academic discussion, I do think it is safe to say that the experience of the Nordic countries is an example of substantial harmony rather than conflict between growth and distribution.
So, what are the main features of the so called “Nordic model”?
So, what are the main features of the so called “Nordic model”?
While both political and systemic differences among the Nordic countries are many, the term intends to capture some similarities in the institutional setup of these neighbouring countries.
While both political and systemic differences among the Nordic countries are many, the term intends to capture some similarities in the institutional setup of these neighbouring countries.
Among these are large public sectors and generous welfare schemes, strong unions, and to a large extent also fairly centralized wage bargaining and routine consultations between government and the social partners.
Among these are large public sectors and generous welfare schemes, strong unions, and to a large extent also fairly centralized wage bargaining and routine consultations between government and the social partners.
The model tends to produce a high degree of income and social equality.
The model tends to produce a high degree of income and social equality.
Key here is low wage differentials, high rates of work participation, an accordingly broad tax base and a public sector delivering basic goods and services to those the private sector fails to serve with equal ease.
Key here is low wage differentials, high rates of work participation, an accordingly broad tax base and a public sector delivering basic goods and services to those the private sector fails to serve with equal ease.
In all societies the most valuable resource is labour.
In all societies the most valuable resource is labour.
Historically, the broad coverage of strong labour unions in the Nordic countries pushed full employment onto the labour movement agenda.
Historically, the broad coverage of strong labour unions in the Nordic countries pushed full employment onto the labour movement agenda.
Full employment has often been traded against wage moderation, as union leaders have recognized the importance of full employment for a satisfactory wage growth over time.
Full employment has often been traded against wage moderation, as union leaders have recognized the importance of full employment for a satisfactory wage growth over time.
Accordingly, when achieved, full employment has allowed the economy to produce at or close to its production-possibility frontier.
Accordingly, when achieved, full employment has allowed the economy to produce at or close to its production-possibility frontier.
In addition, full employment has ensured a broad tax base, allowing the tax burden that supports the welfare state to be shared by the many.
In addition, full employment has ensured a broad tax base, allowing the tax burden that supports the welfare state to be shared by the many.
Still, full employment is no guarantee for an efficient allocation of resources.
Still, full employment is no guarantee for an efficient allocation of resources.
As we know, productivity differs between jobs, and high productivity is crucial for growth to be sustainable.
As we know, productivity differs between jobs, and high productivity is crucial for growth to be sustainable.
Yet, what we have seen is that a comprehensive income insurance scheme in combination with ambitious and active labour market policies has facilitated a reallocation of labour from declining low-productivity industries to rising high-productivity industries.
Yet, what we have seen is that a comprehensive income insurance scheme in combination with ambitious and active labour market policies has facilitated a reallocation of labour from declining low-productivity industries to rising high-productivity industries.
Further, high-productive firms employing highly educated workers face favourable conditions.
Further, high-productive firms employing highly educated workers face favourable conditions.
A suppressed wage structure lifts the wage of low-paid workers, while decreasing the wage of the highly educated.
A suppressed wage structure lifts the wage of low-paid workers, while decreasing the wage of the highly educated.
As a result, high-productive firms may stay in business at the expense of the less productive ones.
As a result, high-productive firms may stay in business at the expense of the less productive ones.
While difficult to measure, it is argued that innovative activity raise accordingly.
While difficult to measure, it is argued that innovative activity raise accordingly.
Our welfare scheme provides equal opportunities and free education for all children and youth, a social security net that takes care of people losing their job, the right to health care for those who needs it and care for elderly to ensure a worthy old age.
Our welfare scheme provides equal opportunities and free education for all children and youth, a social security net that takes care of people losing their job, the right to health care for those who needs it and care for elderly to ensure a worthy old age.
Knowing this enhances trust.
Knowing this enhances trust.
I also believe it may spur clever people to taking on the risk of starting new businesses and embark on innovative projects that will gain the country in the future.
I also believe it may spur clever people to taking on the risk of starting new businesses and embark on innovative projects that will gain the country in the future.
Income insurance transfers the risk of industrial readjustments from the individual to the state, allowing the individual worker to be more flexible in the process of modernization.
Income insurance transfers the risk of industrial readjustments from the individual to the state, allowing the individual worker to be more flexible in the process of modernization.
Even though the welfare scheme might be costly, I do believe the gains are even bigger.
Even though the welfare scheme might be costly, I do believe the gains are even bigger.
Clearly this is conditioned on the scheme and the financing of the scheme being designed in a sound way.
Clearly this is conditioned on the scheme and the financing of the scheme being designed in a sound way.
Work must pay, and the security net and pension schemes must provide sufficient incentives to work.
Work must pay, and the security net and pension schemes must provide sufficient incentives to work.
Certainly, this way of organizing the society requires relatively high taxes, which again increases the importance of designing a tax system that minimises efficiency losses.
Certainly, this way of organizing the society requires relatively high taxes, which again increases the importance of designing a tax system that minimises efficiency losses.
My impression is that the willingness to pay taxes is high in Norway, in an acknowledgement of what we get in return.
My impression is that the willingness to pay taxes is high in Norway, in an acknowledgement of what we get in return.
One example may be the petroleum tax rate, which is high by international standards.
One example may be the gasoline tax rate, which is high by international standards.
Even though Norway is one of the biggest petroleum exporters in the world, there is almost no discussion of this tax.
Even though Norway is one of the biggest petroleum exporters in the world, there is almost no discussion of this tax.
This is by the way also one of the most sensible taxes, due to the environmental distortions stemming from CO2-emissions.
This is by the way also one of the most sensible taxes, due to the environmental distortions stemming from CO2-emissions.
I will stress that the Nordic model is not a result of grand design.
I will stress that the Nordic model is not a result of grand design.
Rather, today’s features are the outcome of a long evolutionary process.
Rather, today’s features are the outcome of a long evolutionary process.
Consensus-based policies and the cumulative implementation of reforms have produced its current version.
Consensus-based policies and the cumulative implementation of reforms have produced its current version.
Moreover, the model is not identical among the Nordic countries.
Moreover, the model is not identical among the Nordic countries.
However, I believe our way of organizing the society does reflect some important common values.
However, I believe our way of organizing the society does reflect some important common values.
While the global recession spurred renewed interest in the Nordic model and its ability to create a society in which trust is widespread, it can be no more than an example.
While the global recession spurred renewed interest in the Nordic model and its ability to create a society in which trust is widespread, it can be no more than an example.
Each society has its own path of developments.
Each society has its own path of developments.
Yet, economic thinking after the global recession would probably gain from looking at a broad range of experiences.
Yet, economic thinking after the global recession would probably gain from looking at a broad range of experiences.
I hope my speech here today can be one of many contributions in our search for sustainability in the economic system.
I hope my speech here today can be one of many contributions in our search for sustainability in the economic system.
We live in a knowledge society.
We live in a knowledge society.
Books, papers, television and the internet enable us to get information about almost anything at high speed.
Books, papers, television and the internet enable us to get information about almost anything at high speed.
At the same time, societies have become more complex and specialized, making information less accessible for many of us.
At the same time, societies have become more complex and specialized, making information less accessible for many of us.
The accumulation of knowledge is endless and learning takes place within an increasingly technical and mathematical frame, accessible only for experts.
The accumulation of knowledge is endless and learning takes place within an increasingly technical and mathematical frame, accessible only for experts.
Indeed, in a growing number of areas we have to trust what experts tell us.
Indeed, in a growing number of areas we have to trust what experts tell us.
You are now gaining knowledge within fields in which you will be the experts.
You are now gaining knowledge within fields in which you will be the experts.
Yet wisdom requires more than knowledge gained from studying.
Yet wisdom requires more than knowledge gained from studying.
One has to learn from the successes and the mistakes of earlier generations.
One has to learn from the successes and the mistakes of earlier generations.
And you must listen to your hearts.
And you must listen to your hearts.
A wise man, Nelson Mandela, once said: “A good head and a good heart are always a formidable combination.”
A wise man, Nelson Mandela, once said: “A good head and a good heart are always a formidable combination.”
Deploy your skills and knowledge wisely, and you will contribute to the creation of trust in your society.
Deploy your skills and knowledge wisely, and you will contribute to the creation of trust in your society.
Capture them and use them for the best of yourself, your children and for society.
Capture them and use them for the best of yourself, your children and for society.
Good luck and thanks for listening
Good luck and thanks for listening
Oslo, 9 March 2012
Oslo Militære Samfund, 9. mars 2012
The Minister based his presentation on the following points:
Støre baserte sitt innlegg på følgende momenter:
· Begin by thanking you for inviting me to address you here today.
· Begin by thanking you for inviting me to address you here today.
· The role of civil society is crucial in fighting racism, racial discrimination, xenophobia and related intolerance.
· The role of civil society is crucial in fighting racism, racial discrimination, xenophobia and related intolerance.
· By joint action we all become stronger and stand a better chance of fighting back those dark forces that threaten the very heart of human rights – the right to non-discrimination.
· By joint action we all become stronger and stand a better chance of fighting back those dark forces that threaten the very heart of human rights – the right to non-discrimination.
· Thank you for choosing Oslo as the venue for this year’s annual meeting.
· Thank you for choosing Oslo as the venue for this year’s annual meeting.
A strong symbol of European solidarity and a manifestation of the importance of international and regional cooperation in combating intolerance and discrimination.
A strong symbol of European solidarity and a manifestation of the importance of international and regional cooperation in combating intolerance and discrimination.
· One of the most important battles in Europe today is against fanaticism and extremism in all religions and ideologies.
· One of the most important battles in Europe today is against fanaticism and extremism in all religions and ideologies.
· Also pleased to have Bernard Kouchner by my side here today.
· Also pleased to have Bernard Kouchner by my side here today.
A strong international advocate in the fight against discrimination.
A strong international advocate in the fight against discrimination.
· I have 3 dimensions for my intervention here today: 22 July, integration and its opportunities and the protection of minorities exemplified by the “Arab spring”.
· I have 3 dimensions for my intervention here today: 22 July, integration and its opportunities and the protection of minorities exemplified by the “Arab spring”.
Let me first go back to the events that changed Norway last summer.
Let me first go back to the events that changed Norway last summer.
· 22 July will always be a day of mourning for Norway and the Norwegian people.
· 22 July will always be a day of mourning for Norway and the Norwegian people.