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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
Contestability
Definitions

Contestability

Published on January 28, 2020

Consumer surplus
Definitions

Consumer surplus

Published on January 28, 2020

Concentration ratio
Definitions

Concentration ratio

Published on January 28, 2020

Competitive tendering
Definitions

Competitive tendering

Published on January 28, 2020

Competition_and_markets_authority
Definitions

Competition_and_markets_authority

Published on January 28, 2020

Cobweb theorem
Definitions

Cobweb theorem

Published on January 28, 2020

Classical unemployment
Definitions

Classical unemployment

Published on January 28, 2020

The labour market claimant count
Definitions

The labour market claimant count

Published on January 28, 2020

Circular flow of income - definition
Definitions

Circular flow of income - definition

Published on January 28, 2020

Choice architecture - definition
Definitions

Choice architecture - definition

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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