Abstract
The background of economic growth in Norway is reviewed. Models that derive the direct and indirect measures used in empirical estimation and aggregate estimates for Norway's economy are analyzed, and the results are compared to those of Japan. The adoption of an outward-looking policy has led to increases in both exports and imports in Norway entailing the reallocation of resources according to comparative advantage among industries as well as specialization within industries. It is noteworthy that per capita income grew more rapidly in the 1961 to 1969 subperiod, when the establishment of the European Free Trade Association gave a boost to exports, than between 1953 and 1961. The experiences of Norway and Japan during the period of import liberalization were similar. However, available data indicate that exports made a larger contribution to economic growth in Norway than in Japan. These differences may be due to factors such as the size of the domestic market, rates of imports protection, and Norway's free trade arrangement in manufactured goods within the free trade zone.
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