Lied was Labour Party politician and Cabinet Minister in the Ministry of Industry in Trygve Bratteli’s government from 17 March 1971 to 18 October 1972. He was aware of other countries' experience with rapid oil money having harmful effect on the economy, allowing other businesses to suffer. He observed that in many countries the overwhelming proceeds from the oil industry went to an elite, while only a small part was used to the benefit of the population as a whole. The management scheme and the bold tax system he supported meant that most of the wealth remained in Norway, and the bolstering of the welfare state.