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Today, thanks to Application Programming Interfaces (APIs), diverse software can communicate with each other.

API Economies and the Modularization of Production

The dozens of apps on your phone can communicate with each other thanks to Application Programming Interfaces (APIs), which revolutionized software beginning in the year 2000. What are the economic ramifications of modularized production, where add-ons and expansions abound?...
4 min read
Stethoscope resting on financial charts and bar graphs illustrating the economic impact of medical negligence.

The Economic Cost of Medical Negligence: How Healthcare Failures Impact Individuals and the Economy

Published on February 15, 2025

Image of a trading terminal with black background.
Behavioural economics Business economics Competitive markets

Human Capital Theory and Skill Compression: How Visual Tools Lower Barriers in Financial Markets

Published on February 14, 2025

A highway with 1 motorcycle riding on it.
Behavioural economics Business economics Competitive markets

Public Goods Theory and Private Provision: Why Governments Finance Roads but Do Not Build Them

Published on February 13, 2025

Close-up of three credit cards in varying colors, displaying embossed numbers and expiration dates, on a blurred background.

Consumer Protection in Payments: What Happens After You Report Fraud

Published on February 11, 2025

London judicial building in the background.
Behavioural economics Business economics Competitive markets

Asymmetric Information and Credence Goods: Why Choosing a Family Solicitor Is So Difficult

Published on February 10, 2025

Office setting with woman reading a piece of paper in the foreground and man and woman in the background.
Behavioural economics Business economics Competitive markets

Vertical Differentiation and Market Power in Recruitment Micro-Niches: An Industrial Organisation Perspective

Published on February 10, 2025

A view of modern skyscrapers from below, showcasing glass facades and geometric designs against a cloudy sky.

What Makes RIAs So Difficult to Sell To

Published on February 08, 2025

White, green and red pixel lights showing VXX market price.
Behavioural economics Managing the economy

The Principle of Market Competition: Retail Investors Venturing into Complex Trading Sectors

Published on February 04, 2025

Smart phone with yellow background with the text "eSIM" on it.
Behavioural economics Business economics Competitive markets

Transaction Costs, Market Frictions, and Digital Disintermediation in Mobile Connectivity

Published on February 03, 2025

A striking black-and-white view of skyscrapers converging towards the sky, highlighting modern architecture and geometric designs.

The Annual Budget No Longer Works: How Businesses Survive in an Era of Volatility

Published on January 30, 2025

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AI can work much faster than human employees, but rates of AI hallucinations and other errors remain significant.

The Economics of AI Hallucinations and Error Costs

AI can be great, but "AI hallucinations" are frequent when AI software attempts to plug in data holes with information that it creates. This can include "ghost citations" of false sources of information. What will firms do to limit the dangers of AI error?...
4 min read

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API Economies and the Modularization of Production
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