To the extent that these endeavors are useful, a private entrepreneur is best equipped to handle them. Had aeronautical technology developed in the same manner as those used by NASA, most flight today would be on propeller driven bi-planes or WW2 era craft at best. A market for air travel would not have been discovered and most people would never be able to afford a trip to Rome or Sydney. We should also remember that nearly every useful device or technology that has enhanced our lives was produced through the efforts and experiments on the part of private people responding to incentives.

And deservedly so.

Read “New ideas from Dead Economist.” In the chapter on Karl Marx, the author uses the story of Velcro’s creation as an example debunking Marx’ labour theory of value. Using his human capital, George de Mestral’s created a product that many have found useful and died a billionaire without ever stealing anything from the proletariat.

As for the person wondering what the economic point is, there are probably a number of economic points. One of the obvious ones is that people often justify spending on programs like space exploration by claiming technology spillovers. “NASA invented this and now we all get to use it.” If you do this don’t count velcro.