Economy
Jan Mayen Island has one exploitable natural resource, gravel, from the site at Trongskaret. Other than this, economic activity is limited to providing services for employees of Norway's radio communications and meteorological stations located on the island. Jan Mayen has one unpaved airstrip, Jan Mayensfield, which is about 1,585 m (5,200 ft) long, and the 124.1 km (77.1 mi) of coast has no ports or harbours, only offshore anchorages.
There are important fishing resources, and the existence of Jan Mayen establishes a large Exclusive Economic Zone around it. A modern-day dispute between Norway and Denmark regarding the fishing exclusion zone between Jan Mayen and Greenland was settled in 1988 granting Denmark the greater area of sovereignty. Significant deposits of oil and gas are suspected by geologists to lie below Jan Mayen's surrounding seafloors.
Jan Mayen Island is an integral part of the Kingdom of Norway, and it is not considered to be a dependency with some special status. Since 1995, Jan Mayen has been administered by the County Governor (fylkesmann) of the northern Norwegian county of Nordland to which it is closest. However, some authority over Jan Mayen has been assigned to the station commander of the Norwegian Defence Logistics Organisation, a branch of the Norwegian Armed Forces.
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Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)