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Financial Impacts of Space Exploration

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Space exploration has become a major project for every developed country in the modern world with countries competing to achieve more from the expedition. Controversies have emerged surrounding resources used, funding, the objectives and the methods used I the space travel projects. It has always been considered wise to get to understand the consequences of carrying out space exploration and even finally choosing to not do so. There are a number of potential consequences of not conducting space exploration and more especially is the lack of creativity that society is bound to have. The age of discovery has been pointed out to have been a mixed blessing more especially considering the culture contact that occurred then.

The consequences that come handy with space exploration come about in many levels including education, commercial, philosophical and scientific benefits. All these consequences are free to be analyzed and considering that we are approaching the fiftieth age of space exploration we should examine the impact of the age of space with historical objectivity. A few more incidents in history are more iconic compared to the first one that was moon landing. The moment human beings managed to step to another planet put to an end the first phase of achievements in space exploration and opened a new one. Such moments have not only led to expansion of public perception but also the change in the course of human history (NASA).

Human beings in nature have been explorers with the earliest ones being hunting and gathering species and were mainly based in the African continent. They later on colonized other parts of the planet earth. From the evolutionary point of view, human beings have been seen to do all the illogical and extraordinary things in the bid to carry out exploration. This form of drive and curiosity has given people the ability to get greater knowledge and change in culture and the society in multiple ways. Human beings had the urge of travelling the space since early time, only that it was not possible until the late 1950s when the first serious attempt set sail. Before then, only animals were sent to space until the year 1961 when the USSR succeeded in sending the first man, Yuri Gagarin into space. He also became the first man to go around the Earth (Dick).

There have been abundant benefits realized as a result of pace exploration carried out. The information has been documented well with enough evidences. There has been immense changes in the fields of medicine, meteorology, communication and even navigation. The exploration of earth resources has also been enriched. The space shuttle will in turn increase the benefits and bring others in the future. The space programs have led to many other less economic benefits that are as significant as the direct contributions. These indirect economic effects have not been recognized widely and they contribute to the basic justification of the space exploration program. The recent studies have shown that it strengthens the nation economically through making important contributions with the effort of solving basic problems in the economy (NASA).

It has occurred to economists that the advances in the technological world are the primary sources of greater productivity and growth in the economy and research and development are the chief contributors of the technology. The reasons for having the space exploration program highly technological are just straightforward. One benefits that has been realized is the effort by the government to develop and implement some highly effective mechanisms for use in identification and transfer of space technology to other economic sectors and this has other non-space activities. The industries that carry out space exploration have intensive technology and innovations in the economy and this makes them very important in the generation of the most vital technology stimulus. The United States has benefited from this in that it has realized improved productivity rates and expansion in output (M, 2018).

The space industries have been relied upon by the United States to maintain its balances in favorable trade. Export of highly technological products have led to an offset in the traditional negative balances in the mineral industry, raw materials, low-technology manufactured goods and fuel. The United States space shuttle program contributes to the economy of the country in enormous ways. It has assisted in speeding the pace of technology due to its highly stimulant effects on the technology intensive industries that depend on it for high volume of exports. It contributes to other nations by assisting in the launching and servicing of their satellites. The space shuttle has the ability to provide launch services at relatively lower costs and offer maintenance at the orbit and this has increased the participation globally in the space exploration and exploitation deal (The Space Review).

The accomplishments that the United States of America has obtained in the fields of technology, science, exploration and other applications on earth can clearly show its success in the goals put forward in the National Aeronautics and Space Act. The Act was put forward 16 years ago. Since then, many countries have followed suit in the pursuit to space and many of them have managed to rake in enormous benefits in many sectors of the economy. Creation of space stations has allowed students to study the space better and get to understand more than just theory. This has opened up the minds of many in the bid to study the space clearly. It has made it easier to understand the nature of the weather and seasons in every place in the world and hence people are at a better position to curb the effects brought about by harsh weather conditions (Economic Impact of Space Shuttle).

In conclusion, the major benefit of the space program has been seen to be its ability to stimulate the economy, driving the country towards achievement of many things. The space exploration program has also led to the creation of multiple employment opportunities to a good number of highly skilled engineers, scientists and technicians and this provides a further proof to its success. The accomplishments and benefits that have been put forward above have a huge determination in the amount of resources that should be allocated to the space exploration program now and in the near future.

References

  1. (n.d.). Retrieved from The Space Review: https://www.thespacereview.com/article/962/1
  2. (n.d.). Retrieved from NASA: https://www.nasa.gov/50th/50th magazine/benefits.html
  3. Dick, S. J. (n.d.). Why we Explore. Retrieved from NASA: https://www.nasa.gov/exploration/whyweexplore/why_we_09.html
  4. Economic Impact of Space Shuttle. (n.d.). Retrieved from SP-407 Space Shuttle: https://history.nasa.gov/SP-407/part4.htm
  5. M, C. W. (2018, March 23). How Space Exploration Affects Culture & Society. Retrieved from study.com: https://study.com/academy/lesson/how-space-exploration-affects-culture-society.html#  

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Financial Impacts of Space Exploration. (2022, April 11). GradesFixer. Retrieved May 16, 2022, from https://gradesfixer.com/free-essay-examples/financial-impacts-of-space-exploration/
“Financial Impacts of Space Exploration.” GradesFixer, 11 Apr. 2022, gradesfixer.com/free-essay-examples/financial-impacts-of-space-exploration/
Financial Impacts of Space Exploration. [online]. Available at: <https://gradesfixer.com/free-essay-examples/financial-impacts-of-space-exploration/> [Accessed 16 May 2022].
Financial Impacts of Space Exploration [Internet]. GradesFixer. 2022 Apr 11 [cited 2022 May 16]. Available from: https://gradesfixer.com/free-essay-examples/financial-impacts-of-space-exploration/
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