by Norway turns neoliberalism and neoclassical economics on its head. It does the opposite and yet it's the best place on Earth to live.All the incentives we are told about in neoclassical economics are not apparent. The cost is living is higher, probably because the wages of the poorest are pretty good, which will will increase prices. On average, those at the top earn 4 x more than those on the bottom, so when going for a meal the restaurant staff will be earning a fairly good wage. The Norwegians don't mind this because the welfare state means they have no worries too. Life is good!The oil helps a bit, though, but even here, it was invested very wisely, unlike in the UK. [embedded content]
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All the incentives we are told about in neoclassical economics are not apparent. The cost is living is higher, probably because the wages of the poorest are pretty good, which will will increase prices. On average, those at the top earn 4 x more than those on the bottom, so when going for a meal the restaurant staff will be earning a fairly good wage. The Norwegians don't mind this because the welfare state means they have no worries too. Life is good!
The oil helps a bit, though, but even here, it was invested very wisely, unlike in the UK.