A jurist by profession, Meisdalshagen came from a humble family background, growing up at a former crofter's farm in rural Nord-Aurdal, and losing his father in the 1920s.

After studying he moved back to Nord-Aurdal, worked as an attorney and built the Labour Party organization in the region.

However, his period was also marked by the dominance of Erik Brofoss and the Ministry of Trade in deciding the country's overall financial policy.

When Trygve Bratteli succeeded Meisdalshagen as Minister of Finance, the ministry regained its dominance, but also set out on a gradual deregulation.

This, in addition to Meisdalshagen's discontent with increased spendings on defence, made him an oppositional figure within the Labour Party.

He did return briefly to cabinet as Minister of Agriculture, and also cooperated with the government through the position as chairman of Norges Kooperative Landsforening, a national association of consumer co-operatives.

He was a part of the "Easter Uprising" in 1958, and in 1958 and 1959 there were rumours of Meisdalshagen worked behind the scene to facilitate a change of personnel—and policy—in the Labour Party.

Meisdalshagen attended Valdres Folk High School from 1920 to 1921, and took secondary education at Voss between 1921 and 1925 with financial support from his brothers; his father died in 1924.

[1] Meisdalshagen became involved in politics while attending school in Voss,[1] and chaired the Labour Party chapter in Nord-Aurdal from 1927 to 1940.

[2] This had a significant influence on his further political career, in that he sought to improve the economy of rural Norwegian districts, especially through a centralized increase of farmers' income.

[10] Germany gradually tightened the grip of Norwegian society, and the Parliament became defunct during the rest of the German occupation of Norway.

In 1941 Meisdalshagen became a prominent figure in the Norwegian resistance movement against German rule, in the position of district leader of Milorg in Valdres.

[12] During his period as minister, Meisdalshagen's parliamentary seat was occupied by Gunnar Kalrasten until June 1948 and then by Thorvald Ulsnæs.

[2] He was succeeded as Minister of Finance by Trygve Bratteli; other candidates were discussed but rejected, including Meisdalshagen's old acquaintance[1] Klaus Sunnanå.

[15] Historian Einar Lie has stated that Brofoss left Meisdalshagen in charge of the price policy with a "very easy heart".

[19] Meisdalshagen was ultimately criticized by Brofoss for "lack of economical insight",[5] and he also ran afoul with Central Bank of Norway Governor Gunnar Jahn.

It was even said that Gerhardsen's Cabinet had an interest in luring Meisdalshagen away from the Parliament, where he had driven through significant increases in farmer's income, threatening the overall balance and planning of the state finances.

[21] In fact the income from farming, measured in the amount of money earned per decare, was doubled between the war's end in 1945 and 1950, when the Main Agreement for Agriculture, Hovedavtalen for jordbruket, was introduced.

[27] In addition to Lothe, the consultant Karl Trasti, another friend of Meisdalshagen, had influence in this period, especially in budgetary questions.

While being Minister of Finance, Meisdalshagen had been re-elected on the Labour Party parliamentary ticket in 1949, and was elected for a fourth time in 1953.

[33] Meisdalshagen remained skeptic to a non-neutral foreign policy in the 1950s, and in February 1951 a conflict with Minister of Defence Jens Chr.

Meisdalshagen formally dissented against a proposal to grant an extra 250 million kr to the Norwegian Armed Forces for the years 1951 and 1952, and he became furious when he entered a budgetary debate without being notified of a certain press release, issued by Jens Chr.

At the time Karl Trasti was a member of the ad-hoc Paulson Committee, which worked with questions regarding the Ministry of Finance's policy.