norway

Complacency Kills Innovation

Complacency Kills Innovation

A past article in the Wall Street Journal by John Gapper, “Norway’s oil wealth swamps innovation” provides an excellent example of how complacency can kill innovation. Gapper outlined how oil wealth has created a country that has lacked true national crisis. Due to affluence from oil, Norway has a gross domestic product per individual of $75,000, just behind Switzerland (the top GDP country in the world). The oil-funded wealth has resulted in limited shocks to the Norwegian economy and a strong social buffer for citizens. These “soft” times are shaky as oil prices have declined from record highs.