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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
Movements and shifts in demand and supply curves
Definitions

Movements and shifts in demand and supply curves

Published on January 28, 2020

Moral Hazard
Definitions Information Failure Behavioural economics

Moral Hazard

Published on January 28, 2020

Monopoly
Definitions

Monopoly

Published on January 28, 2020

Monetary policy committee
Definitions

Monetary policy committee

Published on January 28, 2020

Monetary policy
Definitions

Monetary policy

Published on January 28, 2020

Definition of Minimum Price
Definitions

Definition of Minimum Price

Published on January 28, 2020

Merit good
Definitions

Merit good

Published on January 28, 2020

Maximum price
Definitions

Maximum price

Published on January 28, 2020

Maximax and maximin
Definitions

Maximax and maximin

Published on January 28, 2020

Market failure
Definitions

Market failure

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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