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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
Normal profits
Definitions

Normal profits

Published on January 29, 2020

Normal goods
Definitions

Normal goods

Published on January 29, 2020

Nominal wages
Definitions

Nominal wages

Published on January 29, 2020

Net welfare loss
Definitions

Net welfare loss

Published on January 29, 2020

Net welfare gain
Definitions

Net welfare gain

Published on January 29, 2020

National minimum wage
Definitions

National minimum wage

Published on January 29, 2020

Nash equilibrium
Definitions

Nash equilibrium

Published on January 29, 2020

NAIRU
Definitions

NAIRU

Published on January 29, 2020

Banking regulation
Business economics

Banking regulation

Published on January 29, 2020

The multiplier effect
Definitions Right Rail

The multiplier effect

Published on January 28, 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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