Chapter 1: Introducing Quantitative Geography Next Chapter

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Introducing Quantitative Geography
Introducing Quantitative Geography
1.1 Introduction

In 2010, two economists, Carmen Reinhart and Kenneth Rogoff, published an influential paper that provided a rationale for the policies of austerity adopted by many governments following the banking crises and global recession of the late 2000s (Reinhart and Rogoff, 2010). Their paper shows how increasing government debt stifles economic growth, but only once debt exceeds 90 per cent of a nation’s gross domestic product (GDP, a measure of the monetary value of a country’s economic output). You can understand how it caused alarm. In 2007, government debt as a percentage of GDP was 65.2%, 24.9%, 36.3%, 64.2% and 43.7% in Germany, Ireland, Spain, France and the UK, respectively. Three years later it had risen sharply to 82.5%, ...

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