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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
Market
Definitions

Market

Published on January 28, 2020

Marginal revenue
Definitions

Marginal revenue

Published on January 28, 2020

Marginal cost
Definitions

Marginal cost

Published on January 28, 2020

Marginal Propensity to Consume
Definitions Behavioural economics Business economics Managing the economy

Marginal Propensity to Consume

Published on January 28, 2020

Long Run Aggregate Supply
Definitions Business economics Factors of production Global economics

Long Run Aggregate Supply

Published on January 28, 2020

Liquidity
Definitions

Liquidity

Published on January 28, 2020

Liquidity Trap
Definitions

Liquidity Trap

Published on January 28, 2020

Investment
Definitions

Investment

Published on January 28, 2020

Interest rates
Definitions

Interest rates

Published on January 28, 2020

Injections into the circular flow
Definitions

Injections into the circular flow

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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