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]
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)
Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained
Lars Pålsson Syll writes Schuldenbremse bye bye
Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.
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.