1. Journal of Space Economics Space economics topics
V.Z. Beldavs[1], J. Sommers [2]
[1] University of Latvia, [2] University of Wisconsin - Milwaukee
Introduction
Purpose
Outer space is often described as a realm of abundance with millions of asteroids and comets some with values in the trillions of dollars. However, space resources are extremely difficult to reach and to transform into products that can be sold. As a result, no outer space economy has emerged outside of satellite services provided to users on Earth. Markets do not exist for products produced from space resources. There are no plausible scenarios for widespread sale of space resources to existing markets on Earth. The very high cost of acquisition and transport to Earth would make sale of all but extremely valuable materials to Earth markets unviable. However, the sale of large quantities of highly valuable materials would drive down their price and potentially destroy the market lessening the allure of the trillion-dollar asteroids containing rare materials. While the emergence of terrestrial markets for space resources cannot be excluded, it also cannot be assured. A “space rush” for helium 3, platinum group metals, diamonds, or other high value materials is unlikely by itself to justify required investments although such scenarios have been raised. As a result, the focus of this paper will be on the economics of use of space resources in the outer space environment. This raises the question: How would the huge investments required for development of infrastructure and enabling technologies be paid for, unless investors on Earth can realize returns?
Space economics will address the enabling conditions for a self-sustaining outer space economy that emerges in the Earth-Moon system. Models will be presented how such an economy could work and its interactions with the terrestrial economy, as well as forecasts of the development of the space economy under different conditions. If substantial colonies emerge on Mars the economy that emerges there will have interaction with the Earth-Moon system. Speculative topics such as the economics of systems with autonomous robotic economic agents are also themes of research interest.
Space economics will consider issues involved in the construction of a functioning and growing space economy made possible by a suitable international regime. How the international regime should be framed is a relevant concern of space economics.
The emerging field of space economics appears to include multiple subdisciplines that draw on analogous disciplines in the terrestrial realm – economics of space development (developmental economics), space resource economics (resource economics), economics of human/autonomous-robotics systems (information economics), lunar economics, Martian economics, multi-planetary economics (macro-macroeconomics?), and other categories that prove useful. The range of economic issues to address is considerable. But thus far there is no academic publication devoted to the study of the myriad issues that can arise in space economics or to the theoretical bases for research in the field.
Space economics topics
TARGET UNISPACE+50
his paper will address theoretical and practical considerations for the emerging field of space economics and propose an editorial policy for a peer-reviewed journal of space economics to provide a forum for the discussion of space economics issues. It is anticipated that initially the Journal of Space Economics will operate from two different nodes one offering a European perspective (University of Latvia) and the other a U.S. perspective (University of Wisconsin at Milwaukee).
The first edition of the Journal of Space Economics will focus on issues likely to arise during the course of the International Lunar Decade Potential topics in upcoming editions include:
Economics of a domain constrained by the Outer Space Treaty and the prohibition of claims of national ownership implicitly of real property rights.
Potential for real property rights on artificially constructed objects in space that are controlled by states that recognize real property rights.
Space material resources and capital formation
The province of all mankind doctrine in OST and intellectual property rights
Markets in space between economic agents in space
Trade between space-based enterprises and companies domiciled in states on Earth
Money in the space domain
Economic choice in an environment of human and autonomous robotic agents
Economics of the space commons
Review of the Moon Treaty from the perspective of economics
International regime models for lunar development
Internationally recognized economists in key sub-disciplines will be invited to serve on the advisory board of the Journal of Space Economics. The first edition is targeted for release prior to the UNISPACE+50 Conference June, 2018.