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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
Specialisation
Definitions

Specialisation

Published on January 29, 2020

Social costs
Definitions

Social costs

Published on January 29, 2020

Social benefits
Definitions

Social benefits

Published on January 29, 2020

Scarcity
Definitions

Scarcity

Published on January 29, 2020

Savings ratio
Definitions

Savings ratio

Published on January 29, 2020

Savings gap
Definitions

Savings gap

Published on January 29, 2020

Savings
Definitions

Savings

Published on January 29, 2020

Satisficing
Definitions

Satisficing

Published on January 29, 2020

Definitions

Sales maximisation

Published on January 29, 2020

Revenue maximisation
Definitions

Revenue maximisation

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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