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Thanks to APIs, many programmers can create add-ons and extensions to existing software.

API Economies and the Modularization of Production

Thirty years ago, you had to buy entirely new software when your current program became obsolete. Today, you can download an extension, patch, or upgrade. Thanks to APIs, application programming interfaces, these "modular" additions to software can come from virtually anywhere....
4 min read
Is the US Consumer Buckling Under Inflation?

Is the US Consumer Buckling Under Inflation?

Published on July 24, 2021

What Is Laissez-Faire Economic Theory?
Competitive markets Business economics Definitions Managing the economy

What Is Laissez-Faire Economic Theory?

Published on June 30, 2021

Human Capital: What It Is and How It Impacts the Economy
Competitive markets Definitions Labour markets Managing the economy

Human Capital: What It Is and How It Impacts the Economy

Published on June 14, 2021

What Is Adverse Selection?
Competitive markets Business economics Definitions

What Is Adverse Selection?

Published on June 08, 2021

What Are Trade Barriers?
Competitive markets Definitions Global economics Managing the economy

What Are Trade Barriers?

Published on June 07, 2021

Factors of Production: Definitions, Examples and Importance
Market failures Definitions Business economics Factors of production

Factors of Production: Definitions, Examples and Importance

Published on June 07, 2021

Understanding consumer sovereignty
Competitive markets Behavioural economics Definitions Managing the economy

Understanding consumer sovereignty

Published on June 07, 2021

What Is a Duopoly?
Competitive markets Definitions Managing the economy

What Is a Duopoly?

Published on June 07, 2021

Understanding the laffer curve
Managing the economy Definitions Global economics

Understanding the laffer curve

Published on June 04, 2021

7 Strong Reasons to Study Economics

7 Strong Reasons to Study Economics

Published on May 26, 2021

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Although increasingly popular, AI still makes serious mistakes...which could cost companies big bucks in damages.

The Economics of AI Hallucinations and Error Costs

To save money on labor, many companies want to use AI to automate basic office functions, from customer service to research. However, AI is prone to making mistakes that are confidently presented as accurate facts. What are the economic implications of unchecked AI use by companies?...
5 min read

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