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A Competitive Solar System

In: The Cosmos Economy

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  • Jack Gregg

Abstract

There is little doubt that eventually the solar system will become a vibrant economic engine. Wealth from mining, manufacturing, and trade will grow along with increasing numbers of outposts and settlements. Local economies of space communities will capitalize on their production capabilities and on the transient shipment of raw materials and finished goods. This is not unlike our Earth economy. There has been serious thought about the impact of great distances in our solar system on such elements as the calculation of interest charges, insurance, and other financial elements that are time dependent. Nobel Prize recipient Dr. Paul Krugman published a paper, The Theory of Interstellar Trade (2010), in which he cautioned that because very high velocities of data transmission near the speed of light will alter time, financial transaction calculations would have to be adjusted accordingly, “because the time taken in transit will appear less to an observer traveling with the goods [being purchased] than to a stationary observer.” We are light-years away from encountering this problem.

Suggested Citation

  • Jack Gregg, 2021. "A Competitive Solar System," Springer Books, in: The Cosmos Economy, chapter 23, pages 193-200, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-62569-6_23
    DOI: 10.1007/978-3-030-62569-6_23
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