The keys to future welfare

We face challenges at every step, that is how great technological breakthroughs occur, and the welfare development that follows them. While others talk, wish and promise, it is industry that can act. Behind every stage of Norwegian welfare development has been a great industrial advance. It will be just the same in the future.

“The most important thing in an economy is productivity,” says Erling Røed Larsen, a researcher at Statistics Norway.  He maintains that there are only two ways to increase productivity: we must work more or we must work smarter. And working smart is the same as developing and using new technological solutions and materials. This is industry’s most important contribution to future welfare.

Productivity is vital for a country’s welfare. It means we can live till we are ninety. That we can cure more forms of cancer. That we can live well, even in artistic neighbourhoods. According to Statistics Norway, Norway’s standard of living has improved tenfold over the last hundred years. But this increased consumption has not been due to an increased volume of work. We have become richer while working hours have gone down.

The explanation is increased productivity, due to things like better technology and increased human capital.

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