Birds of a feather

Article Abstract:

European monetary union means that it is less easy to deal with asymmetric shocks, where regions may be affected differently by the same shock. The neoclassical view is that regional economies will come to be more like each other as there is convergence in the mix between labor and capital. Newer theories see investment bringing higher returns in areas already well-endowed with capital. Regional specialization has occurred in the US, but labor mobility helps offset the disparities in economic performance. Labor mobility is lower in the European Union so disparities could create problems. Both the neoclassical and new models may be correct, explaining forces which are working simultaneously.

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Birds of a feather

Article Abstract:

The European Space Agency is launching craft as part of its Cluster II mission, which involves formation flying of craft.

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Runners-up in the space race

Article Abstract:

The space programs of Japan, China and India, are examined in detail in terms of achievements and goals.

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