Economics Explained
Did the “Perfect Economy” Just Get Better?
Dec 23, 2023
Exploring Norway's discovery of the world's largest supply of phosphate and its potential economic benefits, risks, and lessons on responsible resource management. The podcast also discusses Norway's successful management of natural resource revenues, the value and benefits of its government pension fund, the significance of taxes and its unique economic system, and the high cost of living and unique culture in Norway.
24:45
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Quick takeaways
- Norway's discovery of the world's largest supply of phosphate presents both opportunities and risks for the country and the global economy.
- Norway's economic success can be attributed to responsible resource management, a sovereign wealth fund, high taxes for funding public services, and a culture of egalitarianism and social welfare.
Deep dives
Norway's Discovery of Phosphate Deposits
Norway discovered the world's largest supply of phosphate, effectively doubling the world's supply. The discovery is worth around $24 trillion and can power the world's needs for fertilizers, electronics, batteries, and solar panels for at least the next century. While it is a great thing for Norway and the world, it also introduces risks for countries already reliant on phosphate exports and geopolitically powerful players. Lessons can be learned about responsible resource management, Norway's economic philosophy, and the contrast between macroeconomic success and failure.
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