A few thoughts:
While the idea of invaluable space industries and the unique products they could produce in microgravity sounds good in theory, the actual transportation costs, skilled labor, overhead of maintaining a habitable environment, and capital investment in developing the technology make it prohibitive from a cost-benefits standpoint. Even if you can make, say, some kind of super-strong crystal-fiber matrix composite that replaces normal structural materials, the cost is going to be so high that it won’t be useful in any but the most exotic applications. Think of it as the difference between a commodity x86-based desktop machine versus a high-end SGI Origin server; the SGI is (or rather, was) clearly the better hardware for doing certain types of operations (graphics rendering and visualization), but the PC was so cheap and demonstrated profit margins based on economies of scale that development of it outpaced that of the MIPS processor…and now your typical renderfarm is a few hundred x86 or Opteron boxes using MPI, and SGI is in recievership. The only space-based industry to date to show a healthy profit is the telecommunications industry, and that only because of heavy government investment into the underlying launch, networking, and computing technology combined with a pre-evident manyfold expansion in bandwidth demands. It’s possible that some expansive, insatiable demand could develop for zero-gee pharmaceuticals or exotic high strength materials, but it would require both foresight and heavy, long-term investment to make this the driving force in developing commerical space industry.
There are, of course, an enormous wealth of metals available for the taking; a small, mineral-rich NEO likely has a greater mass of industrial metals than we could hope to extract from any single flatland mine, and without serious complaints about strip mining or environmental hazards. (There’ll no doubt be a few well-intended flakes who want to protect an asteroid from exploitation, but without a spotted owl or baby seal in sight it’ll be tough to garner public opinion.) However, aside from the costs, again, of getting their and paying your labor force, it’s not likely to be a great investment vis a vis Earth-mined commodities. We don’t have any serious lack of structural or common metals like iron, aluminum, copper, tin, lead, magnesium, nickel, et cetera to the extent that a new massive supply would be competitive, and dumping a glut of rare earths and exotic metals like tungsten, tantalum, iridium, rhenium with make up such a small (if significant) part of the market would result in large price reductions assuming that someone doesn’t come up with new demands for these metals; even if they do, the new markets would have to maintain high enough margins to justify the decades of investment required to get to the point of exploiting these resources. What private, profit-motivated organization is going to take that risk?
The real reason to develop space industry and mine asteroids is because it is too expensive to haul stuff up from the Earth’s surface; permanent human habitats in space will have to become self-sufficient, space elevators, catapults, or any other cheap transport aside. It just costs too damn much, in terms of energy, to pull against gravity, and it makes no sense to ignore the big chunk of nickel-iron floating a few thousand kilometers away. But first you have to justify the costs of establishing human presence, and not in terms of value to itself. That’s a hard slog; talking about the hypothetical future of humanity, the drive to explore, spreading your eggs around, and so forth sounds visionary (and makes for some pretty good cinema on occasion) but it doesn’t incline most people to spend more than the price of a movie ticket. A few hundred billion dollars, in the context of developing vast new resources, gaining both abstract and applied knowledge, protecting Earth from catastrophic extraterrestrial threats, et cetera is a pittance. But come budget time at Congress, it’s an easy line item to cut out in favor of supporting the latest politically lucurative issue or holding a press conference about assigning your latest Golden Fleece award.
As for the space elevator; where there’s a will, there’s a way. People who claim that all the technical issues have been resolved, and that it’s merely a matter of basic civil engineering are living in a fantasy where undeveloped high strength materials can be cranked out in necessary and flawless form like knitting yarn and orbital hazards are minor irritations. On the other hand, naysayers who insist that it can never happen (or will be so absurdly expensive that it couldn’t even be considered) ignore the history of technological development from the wheel and axle through commerical air travel and high speed computing which was always ripe with pundits espousing the impossibility (either physical or fiscal) while the metaphorical ground was falling out from under their feet.
We’re not even close to being able to erect and operate such a thing today, and to try to do so might well exceed the trillion dollar estimate previously thrown out. But as the technology develops (preferably, guided and supported by parties interested in making it a reality as fast as development allows) and becomes both physically and economically feasible, the concept will go from being an impossibility to a mere engineering nightmare–just like every major, ground-breaking monument to the desire of mankind to do it bigger, better, faster, cheaper, and most importantly, with a big celebratory ground-breaking and giant Jumbotron screens advertising the latest in sweat-shop sports attire. It’s not going to happen in ten years or twenty, but if the next century rolls around with nary a serious effort in sight, I’ll be awfully surprised. I wouldn’t be surprise, though, to learn that the official language of the beanstalk is Manderin, Hindi, Malay, or Korean. (I have hopes that English will remain the lingua franca, 'cause I don’t think I’m up to learning an Oriental language after I pass triple digits, but maybe they’ll have a pill or something for it by then.)
Besides, one trillion dollars in the scale of (hopefully) millenia of human development and technical evolution? A drop in the bucket, a mere charged electron in a stream of plasma emanating from a solar flare, a fleeting trifle of opportunity cost well-spent. Ferdinand and Isabella pissing and moaning about the cost of three ships and ninety men for a fortune that built and funded an empire (albeit, one predicated upon suppressing the natives and ultimately squandered on excess). If it only costs one trillion, it’ll be worth its impulse in angular momentum many times over.
Stranger