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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
Revenue
Business economics

Revenue

Published on January 17, 2020

Production
Business economics

Production

Published on January 17, 2020

Demand for labour
Labour markets

Demand for labour

Published on January 17, 2020

Revenue and sales maximisation
Business economics

Revenue and sales maximisation

Published on January 17, 2020

Unequal income distribution
Market failures

Unequal income distribution

Published on January 17, 2020

Financial market failures
Market failures

Financial market failures

Published on January 17, 2020

Unstable markets
Market failures

Unstable markets

Published on January 17, 2020

Moral hazard
Market failures

Moral hazard

Published on January 17, 2020

Information failure
Market failures

Information failure

Published on January 17, 2020

Property rights
Market failures

Property rights

Published on January 17, 2020

Newer Posts
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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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