The book Landet som ble for rikt by economist Martin Bech Holte quickly topped bestseller lists in Norway. A fiery contribution to the debate on the Norwegian economy and the country's lack of necessary restructuring, it has been this winter’s most talked-about book, receiving massive media coverage.

Why are Norway’s economic indicators declining? In 2013, Norway had the best combination of wealth, health, and happiness in the world. Then, growth was replaced by stagnation. What happened?

In 2013, Norway was at the top of the world. After two decades of strong economic progress, Norway’s mainland economy—excluding oil and gas—had become wealthier than the USA. It was an unthinkable scenario just decades earlier. Norway was the richest, happiest, and healthiest nation, achieving an economic miracle. But in 2013, the peak had been reached. The decline started imperceptibly, then became increasingly apparent.

In this lecture, Bech Holte argues that while the state is wealthy, the use of the oil fund has led to numerous negative consequences: public spending is ballooning.

Both Norwegian and foreign capital are leaving the country. Norwegians assume the state is saving on their behalf, leading to dangerously high personal debt. Without the economic rocket booster needed for growth, the result is instead a prolonged downturn. There is a way back to healthy prosperity—but does the leadership exist to find it in time?