1. (sometimes capital) new, recent, or a new or modern form or development: neoclassicism; neocolonialism. 2. (Geological Science) (usually capital) the most recent subdivision of a geological period: Neogene. [from Greek neos new]. Also, esp. before a vowel, ne-.
Although optical telescopes are the type most commonly used for stargazing and amateur astronomy, lots of astronomical research is done on telescopes that look at other wavelengths of light. Each of these wavelength ranges shows us something unique about the universe and allows us to view events and objects that can't be seen with human eyes.
Nonetheless, I would agree that astronomy does not have many practical benefits to people's lives. The reason we do astronomy, I think, is that people are interested in learning about it - humans want to know how the universe came into being, what our place in it is, and what other objects exist within it. Basically, we are curious, and astronomy enriches our lives that way.