August 22, 2023
FastCompany recently published an article by Jay Zagorsky, Associate Professor of Markets, Public Policy, and Law, on space-related innovations’ effect on the economy.
Recent data revealed that space’s share of the U.S. economy is shrinking because of factors like inflation, a decline in space jobs, and an increase in competition. With countries like China and Asia prioritizing space, competitors are quickly catching up to the U.S.’s efforts.
Zagorsky adds that, “The U.S. has a strong foothold in space. But whether it can maintain its lead—as the space race moves into a new frontier of space mining and missions to Mars—remains to be seen.”
The space industry has changed drastically since the 1960s and will continue to develop with innovation and the growth of private companies.