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Is there good reason to colonize the moon and mars? Should governments begin planning?

Background and context

Space colonization (also called space settlement, space humanization, space habitation, etc.) is the concept of autonomous (self-sufficient) human habitation of locations outside Earth. It is a major theme in science fiction, as well as a long-term goal of various national space programs. While many people think of space colonies on the Moon or Mars, others argue that the first colonies will be in orbit. They have determined that there are ample quantities of all the necessary materials on the Moon and Near Earth Asteroids, and that solar energy is readily available in very large quantities.

Is the colonization economically feasible?
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See also Debate: Mission to the Moon or Mars? Debate: Space exploration Debate: Funding for space exploration Debate: Mission to mars Debate: Manned mission to Mars Debate: Manned space flight Debate: One-way, one-person mission to Mars Debate: Moonbase Debate: Should humans colonize outer space? External links http://en.wikipedia.org/wiki/Space_colonization