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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
Definition of wage elasticity
Definitions

Definition of wage elasticity

Published on January 29, 2020

Definitions

Tobin_tax

Published on January 29, 2020

Tariff
Definitions

Tariff

Published on January 29, 2020

The long tail
Definitions

The long tail

Published on January 29, 2020

Supply side policy
Definitions

Supply side policy

Published on January 29, 2020

Supply shock
Definitions

Supply shock

Published on January 29, 2020

Supply
Definitions

Supply

Published on January 29, 2020

Substitution Effect
Definitions

Substitution Effect

Published on January 29, 2020

Subsidy
Definitions Behavioural economics Business economics Competitive markets Factors of production Information Failure

Subsidy

Published on January 29, 2020

Specific taxes
Definitions

Specific taxes

Published on January 29, 2020

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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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