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.
Read more about this topic: Jan Mayen
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“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)