"Tough times for one-track minded liberalists"

At this year's Lehmkuhl lecture, finance minister Kristin Halvorsen spoke about economic cycles and crises, and why the Nordic welfare model is the best way in the world to organize a society.

30.09.2008 - Eva Melvær Langaas (translated by Jessica Hartenberger)

An energetic minister visited NHH, and a packed Aula listened closely to what the SV politician had to say about the current economic situation. Halvorsen had the audience laughing and spoke outside of her script several times.

Norwegian Security

The finance minister discussed the differences between the Nordic model and the USA, and is particularly interested in the consequences for the people. She stressed that one of the reasons why the Norwegian economy is so strong is because of the security its citizens have which makes it possible for Norway to withstand huge changes.

In relation to the USA where security is not connected to insurance companies or the work place, this is something that makes Norway less vulnerable to the type of financial crisis the world has just seen.

"These are tough times for one-track minded liberalists and now I carefully look over the crowd," smiled Halvorsen as she argued against the privatization of welfare services.

WASTING. "The biggest type of waste that a society can commit is unemployment," said Kristin Halvorsen in her Lehmkuhl lecture.

Foto: Helge Skodvin

Waste of work

Even though the government budget is strictly classified until it is presented on the 7th of October, she hinted that there will be more government funding earmarked for the reduction of the effects of economic down turns in the future. The most important goal is to keep people working.

"The biggest waste a society can commit is unemployment", said Halvorsen.

She eased the minds of those who feared that Norway would lose huge sums of oil money in the financial crisis.

"We have not lost anything because we are not selling," she comforted.

"Before we invested we looked at the stock market trends over the past 100 years, and every time there has been a "little dip" the market has rebounded afterwards. We do not have a two year perspective on this."

Good sign

Bergen's own finance minister, city council finance officer and previous NHH employee, Christine Meyer, thought that Kristin Halvorsen delivered a successful lecture.

"She is a good lecturer, who uses script in an interesting way, and is well- prepared. At the same time we should be aware that she is a politician," says Meyer, who does not agree with everything the minister said. Meyer disagrees particularly in the areas of the disability problem and the need for government ownership of companies.

But she was happy with Halvorsen's visit to NHH and Bergen. "It is a good sign that she is here both now and again on the 9th of October. I also believe that this is positive in anchoring NHH's position as a leading economic institution," concludes Meyer.

HAALAND AND HALVORSEN. Rector Jan I. Haaland and finance minister Kristin Halvorsen before the 2008 Lehmkuhl lecture.

Foto: Helge Skodvin

THE AUDIENCE. The finance minister praised those in attendance for being a very well-behaved audience.

Foto: Helge Skodvin

LONG TERM INVESTOR. The finance minister pointed out that the oil fund has not lost a single krone in the financial crisis. "We do not have a two year perspective," she said.

Foto: Helge Skodvin