þjóðhag

þjóðhag is an Old Norse word that translates to "national income" or "national wealth." It refers to the total economic output of a nation, often measured in terms of goods and services produced over a specific period. In historical contexts, it encompassed not just monetary value but also tangible assets, agricultural produce, and trade goods. The concept of þjóðhag was important for understanding a community's prosperity and its ability to sustain itself, engage in trade, and support its population.

The assessment of þjóðhag in early Norse societies would have been informal, likely based on observable wealth, land fertility, livestock numbers, and the success of trade expeditions. While not calculated using modern statistical methods, the underlying idea of a collective economic measure was present. It played a role in societal organization, influencing decisions about resource allocation, taxation (often in kind), and defense. A strong þjóðhag would have indicated a thriving society, capable of weathering challenges and projecting influence. Conversely, a depleted þjóðhag could signal hardship and vulnerability.