The Economics of Space

As you may have heard, the economy is in bad shape.  Some people say it’s getting better, others say it’s getting worse, but it seems everyone agrees it’s not as good as it needs to be.  As much as people like to blame President Bush and/or President Obama, this isn’t only an issue for the United States but for the whole world.  The solution to this global economic problem may lie in space.

A team of researchers in Glasgow, Scotland have been studying the list of Near Earth Objects (a.k.a. NEOs), the asteroids that tend to come dangerously close to Earth.  Scientists watch these NEOs so that we’ll have some early warning if any of them threaten to collide with our planet.  It’s an effort to save lives, but now it may also help save the economy.

The Glasgow researchers have identified twelve NEOs that they believe we could capture using existing technology.  These asteroids contain many valuable resources.  Some, like iron, nickel, and cobalt, we’ve all heard of, but asteroids may also provide traces of rare elements like neodymium and erbium which are essential for all our fancy electronics.  Those twelve asteroids could be worth a small (or perhaps not-so-small) fortune.

In our current economy, we can only tap the resources here on Earth, and those resources are limited.  Capturing NEOs allows us to expand our pool of resources, but that’s only the first step toward taking advantage of everything space has to offer.  The Moon has a plentiful supply of helium-3, which one day we might be able to use as a carbon-free, radiation-free fuel.  Colonizing Mars would open up a whole new real estate market and help alleviate Earth’s overcrowding problem.  And if just twelve asteroids are worth so much money, imagine what we could do with the hundreds of thousands of them out in the asteroid belt.

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In his Asteroid Wars novels, Ben Bova wrote about a future where major corporations squabble over the wealth of the Solar System.  Freelance prospectors fly out to the asteroid belt hoping to claim a big lump of metal and minerals for themselves.  Some of these prospectors get rich, others get killed, and big business, now armed with lasers, gets more and more violent.  In space, individual and corporate greed go unchecked by any form of law enforcement.  It’s as dangerous as the Wild West.  Perhaps more so.

I had once hoped that our scientists would lead the human race into space, driven by the desire for exploration and discovery.  Now it seems increasingly likely that businessmen will take the next giant leap for mankind.  We can only hope that things don’t turn out like in Ben Bova’s novels.

One Response to The Economics of Space

  1. […] Many of the rare metals we depend on here on Earth are readily available in space. I’ve written before about how this might be just the incentive we need to make space exploration a priority once again. […]

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