Petroleum Wealth and Intergenerational Equity in Norway and Alberta

Abstract

This article examines how Norway and Alberta transform petroleum wealth into an inheritance for future generations. Connecting economic history, institutional economics and narrative economics, it compares public participation, fund contributions and withdrawals, and institutional accountability. The analysis distinguishes petroleum funds from consolidated public finances and the wider inheritance of services, productive capabilities, Indigenous rights, ecological conditions and liabilities. Historical decisions, financial reconciliations and a conditional financing example show why fund balances alone cannot establish intergenerational equity. The article identifies lessons for Canada while preserving disagreements, differences in governmental powers and limits in the available evidence.