Knut Getz Wold
Encyclopedia
Knut Getz Wold is a Norwegian
economist and civil servant, who served as the Governor of the Central Bank of Norway from 1970 to 1985.
He was born in Verdal
as a son of district physician Trygve Wold (1879–1939) and Anna Ella Getz (1893–1960). He graduated from the University of Oslo
with cand.oecon.
degree in 1939. He lost his brother Torolf in Norwegian Campaign
on 4 May 1940.
He started working with research at the university, and studied further at Stockholm College
in 1940. In 1941 he started working for the Ministry of Finance
-in-exile in the United Kingdom. From July 1947 to March 1948 he served as a State Secretary
in the Ministry of Social Affairs. Wold represented the Liberal Party, and Gerhardsen's Second Cabinet
in which he was appointed was a Labour
cabinet. This discrepancy is very uncommon in Norwegian history.
In 1948 he returned to the civil servant role when he became deputy under-secretary of state in the Ministry of Trade
. In his diaries he described the Ministry of Trade as "not [...] a ministry, but a Brain Trust
of young economists". He remained there until 1958, when former Minister of Trade Erik Brofoss
, who now had become Governor of the Central Bank of Norway, appointed Wold as Deputy Governor. Wold was the unquestionable successor as Governor when Brofoss withdrew in 1970. In 1985, the year of his seventieth birthday, Wold stepped down and was succeeded by Hermod Skånland
.
Wold was also a consultant for the Norwegian Nobel Committee
from 1946 to 1958, financial commentator in Norwegian Broadcasting Corporation radio from 1948 to 1970, chairman of Statsøkonomisk Forening from 1963 to 1968, board chairman of Dagbladet
from 1970 to 1974 and board member of Alcan Aluminium from 1967 to 1971. He was appointed a Commander of the Royal Norwegian Order of St. Olav in 1975, a Commander of the Danish Order of the Dannebrog
and a Grand Knight of the Icelandic Order of the Falcon
. He died in October 1987 in Oslo.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
economist and civil servant, who served as the Governor of the Central Bank of Norway from 1970 to 1985.
He was born in Verdal
Verdal
Verdal is a municipality in Nord-Trøndelag county, Norway. It is part of the Innherad region. The administrative centre of the municipality is the town of Verdalsøra...
as a son of district physician Trygve Wold (1879–1939) and Anna Ella Getz (1893–1960). He graduated from the University of Oslo
University of Oslo
The University of Oslo , formerly The Royal Frederick University , is the oldest and largest university in Norway, situated in the Norwegian capital of Oslo. The university was founded in 1811 and was modelled after the recently established University of Berlin...
with cand.oecon.
Cand.oecon.
Candidatus oeconomices or Candidata oeconomices , often abbreviated cand.oecon. is an academic degree in economics at Danish and Norwegian universities. It is roughly equivalent to a Master of Economics, but it consists of 4+2 years, and was based on a four year cand.mag.. The degree was replaced...
degree in 1939. He lost his brother Torolf in Norwegian Campaign
Norwegian Campaign
The Norwegian Campaign was a military campaign that was fought in Norway during the Second World War between the Allies and Germany, after the latter's invasion of the country. In April 1940, the United Kingdom and France came to Norway's aid with an expeditionary force...
on 4 May 1940.
He started working with research at the university, and studied further at Stockholm College
Stockholm University
Stockholm University is a state university in Stockholm, Sweden. It has over 28,000 students at four faculties, making it one of the largest universities in Scandinavia. The institution is also frequently regarded as one of the top 100 universities in the world...
in 1940. In 1941 he started working for the Ministry of Finance
Norwegian Ministry of Finance
The Royal Norwegian Ministry of Finance is a Norwegian ministry established in 1814. The ministry is responsible for state finance, including the state budget, taxation and economic policy in Norway. It is led by Sigbjørn Johnsen...
-in-exile in the United Kingdom. From July 1947 to March 1948 he served as a State Secretary
State Secretary (Norway)
In Norway, a State Secretary is a partisan political position within the executive branch of government. Contrary to the position Secretary of State in many other countries, the Norwegian State Secretary does not head his or her Ministry, rather, they are second in rank to a Minister...
in the Ministry of Social Affairs. Wold represented the Liberal Party, and Gerhardsen's Second Cabinet
Gerhardsen's Second Cabinet
Gerhardsen's Second Cabinet governed Norway between 5 November 1945 and 19 November 1951. The Labour Party cabinet was led by Einar Gerhardsen....
in which he was appointed was a Labour
Norwegian Labour Party
The Labour Party is a social-democratic political party in Norway. It is the senior partner in the current Norwegian government as part of the Red-Green Coalition, and its leader, Jens Stoltenberg, is the current Prime Minister of Norway....
cabinet. This discrepancy is very uncommon in Norwegian history.
In 1948 he returned to the civil servant role when he became deputy under-secretary of state in the Ministry of Trade
Norwegian Ministry of Trade and Shipping
The Royal Norwegian Ministry of Trade and Shipping was a Norwegian ministry that existed from 1947 to 1987.It was established on 6 December 1947. It ceased to exist on 31 December 1987...
. In his diaries he described the Ministry of Trade as "not [...] a ministry, but a Brain Trust
Brain Trust
Brain trust began as a term for a group of close advisors to a political candidate or incumbent, prized for their expertise in particular fields. The term is most associated with the group of advisors to Franklin Roosevelt during his presidential administration...
of young economists". He remained there until 1958, when former Minister of Trade Erik Brofoss
Erik Brofoss
Erik Brofoss was a Norwegian economist and politician for the Labour Party.Brofoss was born in Kongsberg. In his younger days he was an athlete who competed national level in the 100 metres. He represented Kongsberg IF, and won a silver medal at the Norwegian championships in 1928...
, who now had become Governor of the Central Bank of Norway, appointed Wold as Deputy Governor. Wold was the unquestionable successor as Governor when Brofoss withdrew in 1970. In 1985, the year of his seventieth birthday, Wold stepped down and was succeeded by Hermod Skånland
Hermod Skånland
Hermod Skånland was a Norwegian economist and civil servant, who served as the Governor of the Central Bank of Norway from 1985 to 1993.- Biography :...
.
Wold was also a consultant for the Norwegian Nobel Committee
Norwegian Nobel Committee
The Norwegian Nobel Committee awards the Nobel Peace Prize each year.Its five members are appointed by the Norwegian Parliament and roughly represent the political makeup of that body.-History:...
from 1946 to 1958, financial commentator in Norwegian Broadcasting Corporation radio from 1948 to 1970, chairman of Statsøkonomisk Forening from 1963 to 1968, board chairman of Dagbladet
Dagbladet
Dagbladet is Norway's second largest tabloid newspaper, and the third largest newspaper overall with a circulation of 105,255 copies in 2009, 18,128 papers less than in 2008. The editor in chief is Lars Helle....
from 1970 to 1974 and board member of Alcan Aluminium from 1967 to 1971. He was appointed a Commander of the Royal Norwegian Order of St. Olav in 1975, a Commander of the Danish Order of the Dannebrog
Order of the Dannebrog
The Order of the Dannebrog is an Order of Denmark, instituted in 1671 by Christian V. It resulted from a move in 1660 to break the absolutism of the nobility. The Order was only to comprise 50 noble Knights in one class plus the Master of the Order, i.e. the Danish monarch, and his sons...
and a Grand Knight of the Icelandic Order of the Falcon
Order of the Falcon
The Order of the Falcon or Hin íslenska fálkaorða is a national Order of Iceland, established on July 3, 1921 by King Christian X of Denmark and Iceland.-History and appointments:...
. He died in October 1987 in Oslo.