Mission: Smithsonian National Air and Space Museum- Where Science Meets Economics

by Professor Basman Towfique-DeWald

Alongside space exploration’s scientific and engineering feats, the importance of the space economy is growing.  As missions grow more ambitious and commercial interests expand, economics is becoming just as critical to our future in space as rockets and research. On October 3rd, 2025, fourteen ECON 201 students joined me to explore an iconic institution, the Smithsonian National Air and Space Museum in Washington, D.C., to see the Wright Flyer, to the beginning of powered flight, to our future homes in Mars, and to explore the intersection of economics with the history and future of space!

Two days before our visit to the Smithsonian National Air and Space Museum, I sent an email to the class with a checklist of reminders and an assignment featuring five reflective prompts. The students were expected to submit their responses by Monday, October 6, 2025. For those who were unable to attend in person, I offered an alternative: a virtual tour of the museum, allowing everyone the opportunity to engage with the materials regardless of location.

The five space economy prompts were:

• The opportunity cost of space exploration.
• Connecting the roles of government and private firms in this industry.
• The changing market structures in the aerospace industry – past, present, and future.
• Contribution of the space industry (including military) to the Gross Domestic Product (GDP)
• Economics of sustainability in space exploration. (Externality caused by the industry and how to internalize it.)

When the day arrived, it was a beautiful clear autumn morning in Washington, D.C. I arrived early and stood on the steps of the museum, on the National Mall, as I waited for the students to gather. Before we stepped inside, I took a few minutes to review the assignment prompts with the group, outlining my expectations and encouraging them to engage thoughtfully with the exhibits, especially One World Connected, Destination Moon, Kenneth C. Griffin Exploring the Planets Gallery, Future in Space, and World War I Aviation Exhibit. I wanted the students to see the exhibits not only through the lens of history or science, but also through the lens of economics.

“Destination Moon” was one of the students’ favorite exhibits. They could not wait to see and touch a real piece of the Moon! As they stood before Neil Armstrong’s spacesuit, the students were visibly moved with respect and the gravity of that suit. Here the history came alive!

A student approach me to highlight the opportunity cost of sending primates into space before humans!

 

 

 

 

In the “One World Connected” exhibit, students were especially intrigued by the “Window on Earth,” a replica of the International Space Station’s Cupola Module, offering a view of earth from orbit. Many of them were eager to understand how space-based technologies — such as satellites and atmospheric-monitoring aircraft — contributed to tracking and predicting global warming through data and climate models. The students connected with this exhibit and understood the importance of satellites in our daily lives, particularly in communication or as early warning systems.

“Kenneth C. Griffin Exploring the Planets Gallery” was where these young minds were busy figuring out the opportunity cost of investing in Mars by exploring conceptual models for housing on Mars. The exhibit sparked rich discussions about the trade-offs involved in interplanetary exploration and the long-term value of such investments.

 

 

After visiting the “World War I – Aviation Exhibit”, one of my students informed me how the first military contract for airplanes was awarded to the Wright brothers. Correct, I was not aware of that piece of information!

 

The “Futures in Space” exhibition explores both the near- and long-term possibilities that could arise from advancements in technologies and commercial ventures in space. It raises important questions – Who gets to go to space? Why are we going? And what will we do once we’re there? The students spent time observing the Blue Origin while being greeted by R2-D2!

 

 

A trip to National Air and Space Museum cannot end without tasting some ICE CREAM for astronauts and playing an INTERACTIVE GAME focused on lunar tourism and colonization!

 

Here are a few responses from my students:

“The field trip was fun and educational; a lot has changed since I had been there last. So, it was nice to see how things have changed.” C.N.

“I liked the trip because I am really into space exploration. Also, I enjoyed spending time with my classmates.” D.P.

“I think even though space exploration costs a lot, it’s worth it because it pushes us to invent new things. It shows how far humans can go when we dream big, but we also need to make sure we take care of Earth while reaching for the stars.” N.S.