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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
Pigouvian Tax
Definitions Behavioural economics Business economics Competitive markets Global economics Information Failure

Pigouvian Tax

Published on January 29, 2020

Phillips Curve
Definitions

Phillips Curve

Published on January 29, 2020

Price elasticity of supply
Definitions

Price elasticity of supply

Published on January 29, 2020

Perfect competition
Definitions

Perfect competition

Published on January 29, 2020

Price elasticity of demand
Definitions

Price elasticity of demand

Published on January 29, 2020

Pareto efficiency
Definitions

Pareto efficiency

Published on January 29, 2020

Output gap
Definitions

Output gap

Published on January 29, 2020

Opportunity cost
Definitions

Opportunity cost

Published on January 29, 2020

Oligopoly
Definitions

Oligopoly

Published on January 29, 2020

Normative statement
Definitions

Normative statement

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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