"Is Norway an economically overrated country?"

From Marginal Revolution:

The petroleum sector is about 21% of gdp and half of exports. It’s not just that prices are down, rather quantities produced have been declining throughout the oughties. (That is the less well known angle here.) Currently Norwegian oil production is at about half of its 2000 level, and the sector is now bracing for 40,000 job cuts.

Here is from a recent internal economists’ critique of the country:

The group has documented how Norwegian politicians all too often have approved major investment projects that benefit far too few people, are poorly managed and plagued by huge budget overruns. Costs in general are way out of line in Norway, according to the group, while schools are mediocre, university students take too much time to earn degrees and mainland businesses outside the oil sector lack enough prestige to help Norway diversify its oil-based economy. The group mostly blamed the decline in productivity, though, on systemic inefficiencies and too much emphasis on local interests at the expense of the nation.

Is this entirely reassuring?: Prime Minister Erna Solberg recently spoke of the need to invest in areas where people actually live… After you adjust for wage differences, it costs 60% more to build a road in Norway than in Sweden....MUCH MORE including many links

Here's Professor Cowen on "Is Sweden an economically overrated country?"

Previously:
When Will Norway Be a Short? (there's only one direction a triple-A can go)
"The Great Norway Diaper Racket Is the Best Arbitrage Ever"
Dear Norway, We Are So Sorry
"Kyle Bass: Even Norway’s Finances Strained By Oil Below $55"
"Norway Central Bank, Slammed By Oil Plunge, Warns Of "Severe Downturn", Unexpectedly Cuts Rates"
The Best Selling Car In Norway is Electric. Why?
Trouble in Paradise: Norway To Hold Oil Crisis Talks
Norway Moves Arctic Ice Edge North, oil firms on alert
Oil: "Tough Times Ahead for Offshore Norway in 2015"
Don't Hate the Norwegians Just Because They're Better Than You: Passport and Currency Edition
How to Spend Time in One of the World's Highest Income Countries