Schumpeter: More money than Thor

NORWEGIANS are different from you and me: they have more money. Norway’s general election on September 9th sounded many of the familia themes of elections everywhere. Erna Solberg, a Conservative, beat Jens Stoltenberg, the Labour prime minister, partly by offering a new face and lower taxes. But as Ms Solberg begins to run the country she will be confronted by a very different problem from most of her fellow world leaders: not how to make ends meet but how to manage abundance.One aspect of this is an overheating economy. Disposable income grew at an average rate of 3.8% a year in 2008-12 compared with an OECD average of 0.8%. House prices rose by almost 6% last year. Workers are twice as expensive as the average in the neighbouring European Union. Ms Solberg must find a cure for “Dutch disease”: Norway’s booming oil economy is cornering the market in skilled workers and rendering its non-oil economy uncompetitive. And then there is the small matter of overseeing the country’s ever-growing sovereign-wealth fund.The Government Pension Fund Global, as it is officially known, or the Oil Fund, as everyone calls it, is probably the world’s biggest sovereign-wealth fund. It is currently worth…

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