The Space Economy

Today, asteroid 2012 DA14 will whiz by the earth, passing between the surface and our telecommunications satellites. The asteroid is only the diameter of about half a football field, but would have devastating effects if it were to directly impact the earth.

Fortunately, that’s not going to happen, this time anyway. But while we may see asteroids as a threat, there are some who see look at them and see dollar signs.

Competition is already heating up in the market, PlanetaryResources and Deep Space Industries are two companies with plans to mine resource-rich asteroids within the century.  

Many asteroids are rich with valuable metals and other resources like platinum, titanium, oxygen and hydrogen. The estimated value of 2012 DA14 has come in at about $195 billion, $65 billion in recoverable water, and $130 billion in metals.

While it seems like science fiction, there are a lot of real dollars being invested in the space industries. 

Hilton has long had plans for a lunar hotel, and Google (who already backs Planetary Resources) has spent unspecified amounts on its own space-related projects, through its secret developmental lab Google X.

One such project being developed in Google X labs is a space-elevator, which would enable travel and hauling cargo out of earth’s surface and into orbit, no rockets required.

But rockets are beginning to be used privately. Virgin Galactic and their spacecraft SpaceShip Two are planning private flights to space, with over 500 ticket holders waiting in line to takeoff at $200,000 a person.

However, it hasn’t been all smooth sailing for future the future space economy. Last month, the White House rejected a formal petition signed by over 30,000 people for the United States to begin construction on a real-life Death Star (yes, straight out of Star Wars) by 2016. The official response was that the current administration “does not support blowing up planets.” Estimated cost of the project: $850 quadrillion.

Disappointing, but at least us Star Wars fans can look forward to Episode VII though right? And we can all be excited about at least some of the science fiction becoming reality in the space economy.

- Logan Allen