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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
Recession
Definitions

Recession

Published on January 29, 2020

Definitions

Real wages

Published on January 29, 2020

Definition of Real National Income
Definitions

Definition of Real National Income

Published on January 29, 2020

Quasi-public goods
Definitions

Quasi-public goods

Published on January 29, 2020

Quantitative easing (QE)
Definitions

Quantitative easing (QE)

Published on January 29, 2020

Public goods
Definitions

Public goods

Published on January 29, 2020

Profit Maximisation
Definitions Business economics Competitive markets

Profit Maximisation

Published on January 29, 2020

Productivity gap
Definitions

Productivity gap

Published on January 29, 2020

Productivity
Definitions

Productivity

Published on January 29, 2020

Producer surplus
Definitions

Producer surplus

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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