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Norweigan oil fund

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Re: Norweigan oil fund

#41

Post by punnerud »

vetinari wrote: post #25
panpanna wrote: post #14

> On average, the fund holds 1.4 percent of all of the world’s listed companies. Why fund businesses in other countires? Shouldn't Norway try to set up some more industries at home? Everyone claim Europe (was: EU) needs more VC funding to stop the brain drain. Well, here is a huge pool of money just waiting to be spent

Norway is not an EU member, so by funding EU industries, they would found businesses in other countries ;)

We have to follow all their legislations and fund a lot of EU investment (based on our GDP). So we are practically a member, but don't get to vote.

This is not a bad thing because EU is mainly about social benefits, and not politics as we are used to (and a lot of people think): http://www.europarl.europa.eu/legislative-train/

Re: Norweigan oil fund

#42

Post by buboard »

ceejayoz wrote: post #16
BluffFace wrote: post #3

Earlier quoted context omitted.

Perhaps this is why they can afford many government programs that the US simply cannot. Without a prolific income stream comparable to Norwegian oil, the only way to provide more social services is to tax individuals and businesses harder. Tax any group too heavily and you create brain drain, which hurts in the long run.

The US produces 10x the oil Norway does, and was producing significant amounts of oil as far back as the 1860s. We've had that profit stream, we just let it get captured by private corporations (or in Alaska's case, given away to garner votes).

The Us exports 3x times as much oil as Norway

Norway is 5 million people.

https://en.wikipedia.org/wiki/List_of_countries_by_oil_expor...

Re: Norweigan oil fund

#45

Post by NeedMoreTea »

panpanna wrote: post #14

> On average, the fund holds 1.4 percent of all of the world’s listed companies. Why fund businesses in other countires? Shouldn't Norway try to set up some more industries at home? Everyone claim Europe (was: EU) needs more VC funding to stop the brain drain. Well, here is a huge pool of money just waiting to be spent

They already do this. It's the global fund that's reached $1tn, there's another side which is the Norway fund, though it actually limits to the Nordic countries and is a significant presence in that market. The Norway fund is worth a fraction of the Global fund, but I have no idea what proportion of oil revenues go into each.

Re: Norweigan oil fund

#46

Post by dev_dull »

lr4444lr wrote: post #34

The Norwegian success is the single biggest piece of evidence as to why the Venezuelan catastrophe was largely avoidable, and the fault of irresponsible leadership.

It’s not so much the amount that will prove them successful, but the length. Over time will it revert to the mean?

Re: Norweigan oil fund

#47

Post by lallysingh »

panpanna wrote: post #27
sct202 wrote: post #20

Earlier quoted context omitted.

Norway isn't in the EU, so that wouldn't exactly be home for them either.

My bad, you are correct. Anyway, the point still stands. Why not make Oslo the silicon valley of Europe? I mean the weather is roughly the same, give or take 30 degrees :)

Do we need another SV? It's not really putting out the same quality of startups it used to.

Re: Norweigan oil fund

#48

Post by michaeljohansen »

BluffFace wrote: post #3
cheeky78 wrote: post #2

Isn't this contributing to climate change? The economy everyone uses as an example to replace the current system in the US...

Perhaps this is why they can afford many government programs that the US simply cannot. Without a prolific income stream comparable to Norwegian oil, the only way to provide more social services is to tax individuals and businesses harder. Tax any group too heavily and you create brain drain, which hurts in the long run.

Norwegian software developer here. I pay my taxes with pleasure, knowing that the money supported my education, my ability to go to the hospital, good roads, good airports, and lots of other public functions that are great because we collectively invest in them. I think anything below 20% in taxes simply means a country's public functions will suffer.

It's weird to me that Americans have so much against taxes. If a country has a low degree of curruption, and has incentives to innovate in the public sector, then taxes are a good thing.

Obviously I can't speak for the general population, but as for my close proximity: My colleagues think taxes are good too. No brain drain here.

Re: Norweigan oil fund

#49

Post by tristanperry »

cheeky78 wrote: post #2

Isn't this contributing to climate change? The economy everyone uses as an example to replace the current system in the US...

It may have in the early days (just like many countries' oil programmes), however now the fund is helping to provide subsidies which makes gasoline cars more expensive than electric cars (amongst other policies), and hence Norway is now one of leaders of EV adoption (per person):

https://www.greencarfuture.com/electric/how-norway-so-many-e...

Re: Norweigan oil fund

#50

Post by godelski »

Considering this is explicitly stated to be for welfare, it would be really interesting to see a major UBI experiment. If the fund doesn't grow there's 186k 4 per person could be 12k/yr for over 15 years.
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