Economy
Narvik is a commercial centre for some of the neighbouring municipalities. Narvik University College has approximately 1,200 students. There are some high-tech businesses in Narvik (among them Natech and Scancell).
Narvik was one of the first areas in the world to be affected by the Late-2000s financial crisis. It lost $18 million in August 2007 after it invested in Citigroup securities. As the Norwegian government refused to bail them out, Narvik was forced to implement severe budget cuts.
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Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“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)