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The Greenlandic Economy – Structure and Prospects

Author

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  • Torben M. Andersen

    (Department of Economics and Business Economics, Aarhus University, Denmark)

Abstract

Greenland is a vast country with a small and geographically dispersed population. These conditioning factors pose a particular challenge for a natural resource-based economy. Greenland is thus in many respects unique and yet has to find a way to ensure a self-sustaining economy. This requires an economic development which addresses current economic and social problems, makes the economy independent of transfers from outside, and provides for a satisfactory increase in living standards. Essential for this is a transformation such that the economy does not only rely on renewable natural resources (fish) but also on non-renewable natural resources (minerals). As a background for discussing these issues, the paper first briefly lays out the historical development of Greenland. The overall structure of the Greenlandic economy is laid out, and the major challenges to achieve a self-sustaining economy are discussed.

Suggested Citation

  • Torben M. Andersen, 2015. "The Greenlandic Economy – Structure and Prospects," Economics Working Papers 2015-14, Department of Economics and Business Economics, Aarhus University.
    • Handle: RePEc:aah:aarhec:2015-14
    as

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    File URL: https://repec.econ.au.dk/repec/afn/wp/15/wp15_14.pdf
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    References listed on IDEAS

    as
    1. Paldam, Martin, 1997. "Dutch disease and rent seeking: The Greenland model," European Journal of Political Economy, Elsevier, vol. 13(3), pages 591-614, September.
    2. Eric A. Hanushek & Ludger Woessmann, 2011. "How much do educational outcomes matter in OECD countries? [‘Accountability and flexibility in public schools: Evidence from Boston’s charters and pilots’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 26(67), pages 427-491.
    3. Ragnar Torvik, 2009. "Why do some resource-abundant countries succeed while others do not?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(2), pages 241-256, Summer.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Economic development; economic independence; small-states; natural resources;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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