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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
Demerit good
Definitions

Demerit good

Published on January 28, 2020

Demand
Definitions

Demand

Published on January 28, 2020

Deflation
Definitions

Deflation

Published on January 28, 2020

Clycical unemployment
Definitions

Clycical unemployment

Published on January 28, 2020

Definition of customs union
Definitions

Definition of customs union

Published on January 28, 2020

Balance of payments current account
Definitions

Balance of payments current account

Published on January 28, 2020

Definitions

Corporate Social Responsibility

Published on January 28, 2020

The consumer price index (CPI)
Definitions

The consumer price index (CPI)

Published on January 28, 2020

Cost plus pricing
Definitions

Cost plus pricing

Published on January 28, 2020

Contractionary policy
Definitions

Contractionary policy

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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