More from the Author

• Article | Journal of Economic Perspectives

  Space, the Final Economic Frontier

  Matthew C. Weinzierl

  After decades of centralized control of economic activity in space, NASA and U.S. policymakers have begun to cede the direction of human activities in space to commercial companies. NASA garnered more than 0.7% of GDP in the mid-1960s but is only around 0.1% of GDP today. Meanwhile, space has become big business, with $300 billion in annual revenue. The shift from public to private priorities in space is especially significant because a widely shared goal among commercial space's leaders is the achievement of a large-scale, mainly self-sufficient, developed space economy. Jeff Bezos has stated that the mission of his firm Blue Origin is "millions of people living and working in space." Elon Musk, founder of SpaceX, has laid out plans to build a city of a million people on Mars within the next century. Both Neil deGrasse Tyson and Peter Diamandis have been given credit for stating that Earth's first trillionaire will be an asteroid miner. Such visions are clearly not going to become reality in the near future. But detailed roadmaps to them are being produced, and recent progress in the required technologies has been dramatic. If such space-economy visions are even partially realized, the implications for society will be enormous. Though economists should treat the prospect of a developed space economy with healthy skepticism, it would be irresponsible to treat it as science fiction. In this article, I provide an analytical framework—based on classic economic analysis of the role of government in market economies—for understanding and managing the development of the space economy.

  Keywords: Emerging Markets; Economics; Private Sector; Aerospace Industry;

  Citation:

  Weinzierl, Matthew C. "Space, the Final Economic Frontier." Journal of Economic Perspectives 32, no. 2 (Spring 2018): 173–192.  View Details

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• Other Article | Colloquy: [The Alumni Magazine of the Harvard Graduate School of Arts and Sciences] | Winter 2018

  Conversation: Nancy Koehn, PhD '90: The Harvard Business School professor's new book, Forged in Crisis, takes inspiration from Abraham Lincoln, Frederick Douglass, and Rachel Carson.

  Nancy F. Koehn

  Citation:

  Koehn, Nancy F. "Conversation: Nancy Koehn, PhD '90: The Harvard Business School professor's new book, Forged in Crisis, takes inspiration from Abraham Lincoln, Frederick Douglass, and Rachel Carson." Colloquy: [The Alumni Magazine of the Harvard Graduate School of Arts and Sciences] (Winter 2018).  View Details

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• Interview | 30 Jan 2018

  IKEA Founder Leaves Behind a Furniture Empire and a Troubling Past

  Nancy F. Koehn and Amanda McGowan

  Citation:

  Koehn, Nancy F., and Amanda McGowan. "IKEA Founder Leaves Behind a Furniture Empire and a Troubling Past." Boston Public Radio, WGBH, Boston, MA, January 30, 2018.  View Details

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