Fenrir
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Can American citizens live and work in Norway?
Yes, but Norway is very competitive and more oriented towards domestic workers. It's not uncommon for foreign doctors to end up working menial blue-collar jobs because they can't find work in their field of study. They are also often required to re-complete course work at university and recertify their credentials, both of which take years and a lot of money. The exception to this is the energy sector which is more international and tends to feature both domestic and foreign workers, as contracts tend to stipulate trans-national cooperation. if you're looking to become a Norwegian citizen you'll need to be in country for 7 of the last 10 years and speak Norwegian. Up until a few years ago immigrant workers in Norway was almost unheard of. Ours isn't a country with a history of immigration and thus immigrates are still looked at differently from domestic citizens.
As @Aether correctly notes work visas are required if you don't want to become a resident, but again, they're restricted by industry and tend to not be awarded outside of the energy sector.
All in all it's a very difficult nation to break into, whether attempting to move here permanently, work here temporarily or even go to school for foreigners. Moreso then the other Nordic nations, though they're also difficult nations for outsiders.