That depends on WHO is doing the investing. I believe that it is TOTALLY foolish for government to be investing in space exploration. I believe that is the business of private industry. I also believe that the fact that government, any government, was involved in it, and is involved in it, has retarded our advancement in that field.
Government has always been, is now, and will always be, the greatest impediment to Mankind's advancement.
That's a rather ignorant knee-jerk reaction. The reality is, the greatest advancements of mankind have largely been paid for by governments.
Great Wall of China, The Manhattan Project, the Eisenhower Interstate System, the Apollo Program, are all examples of great (and expensive) achievements that were funded by government, largely incentivized by fear (defense). The Columbus and Magellan voyages, even the TVA, were big (and expensive) government funded projects with a promise of financial return. The Pyramids, the Vatican, Versailles, the Taj Mahal were all great (and expensive) projects funded by governments in praise of power. Private enterprise cannot take on these kinds of expenses without knowing the return. Governments can.
Private enterprise in the history of civilization has never led large, expensive, dangerous projects with unknown risks. That has never happened because when you combine all these factors you cannot create a capital market valuation of that activity. The first Europeans to the new world were not sailors on the commercial Dutch East India Trading Company ships. It was Columbus. It was Magellan. Voyages funded by governments. Somebody has to draw the maps. Somebody has to see where the danger spots are, where it’s safe, what the prevailing winds are. Once that is established,
then private enterprise can come in and say, “Here’s the risk, I need an investor, here’s your payback, we can turn this into an enterprise.” Private enterprise cannot afford the risk of the very expensive and very unknown.
And before you bring up the Vikings, yes, it was funded by private enterprise, and yes, they did it first, but what they did was barely noteworthy, is barely an oh-by-the-way footnote, and didn't make a major impact on the achievements or advancements of man at all. If it weren't for the discoveries of archeologists, no one would even know the Vikings had been here.
Private enterprise is not going to lead us into space, to Mars, or anywhere else. Private enterprise can take on low earth orbit activities, though. Been there, done that. Back in the 60s low earth orbit was a frontier. We didn’t even know if a human could survive in low earth. Can you even swallow if you’re in orbit? Would saliva get caught in your throat? Simple questions like that were unknown and unanswered at the time. We’re well past that. We know how to get to low earth orbit. It’s done. The patents are offered (are given, granted) and so that would be the ideal place for private enterprise to take over.
But it's a government funded NASA that can breach new frontiers, and let private enterprise reap the economic benefits of the new technologies. There is simply no way to create a capital market valuation for a team of investors for going to Mars - because the technologies and the returns are simply unknown - it must be done by governments.