“This paper addresses the question of how Norway recovered from the Great Depression and tries to show that a monocausal Schumpeterian explanation is flawed. Three elements of such an explanation are being discussed and dismissed: the shift in employment structure; the spread of electric power; and the changes in household consumption. The paper comes to a more balanced conclusion. Mainly for chronological reasons, supply-side factors can’t independently explain the recovery. Not before 1934-35, when recovery had been underway for roughly two years, did supply-side factors start to have a real impact. Only by viewing these forces in interaction with the demand side, in particular export demand generating an investment boom, can a more plausible explanation of Norway’s recovery from the Great Depression be presented.”
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