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The second-generation interferometric gravitational wave detectors currentlyunder construction are expected to make their first detections within thisdecade. This will firmly establish gravitational wave physics as an empiricalscience and will open up a new era in astrophysics, cosmology, and fundamentalphysics. Already with the first detections, we will be able to, among otherthings, establish the nature of short-hard gamma ray bursts, definitivelyconfirm the existence of black holes, measure the Hubble constant in acompletely independent way, and for the first time gain access to the genuinelystrong-field dynamics of gravity. Hence it is timely to consider thelonger-term future of this new field. The Einstein Telescope (ET) is a concreteconceptual proposal for a third-generation gravitational wave observatory,which will be ~10 times more sensitive in strain than the second-generationdetectors. This will give access to sources at cosmological distances, with acorrespondingly higher detection rate. I give an overview of the science casefor ET, with a focus on what can be learned from signals emitted by coalescingcompact binaries. Third-generation observatories will allow us to map thecoalescence rate out to redshifts z ~ 3, determine the mass functions ofneutron stars and black holes, and perform precision measurements of theneutron star equation of state. ET will enable us to study the large-scalestructure and evolution of the Universe without recourse to a cosmic distanceladder. Finally, I discuss how it will allow for high-precision measurements ofstrong-field, dynamical gravity.

Astrophysics, cosmology, and fundamental physics with compact binary coalescence and the Einstein Telescope