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Today, thanks to Application Programming Interfaces (APIs), diverse software can communicate with each other.

API Economies and the Modularization of Production

The dozens of apps on your phone can communicate with each other thanks to Application Programming Interfaces (APIs), which revolutionized software beginning in the year 2000. What are the economic ramifications of modularized production, where add-ons and expansions abound?...
4 min read
Row of charming Victorian-style houses with large bay windows, a white van parked in front, and greenery in the foreground.

Property Market Proves Robust Despite Pre-Budget Slowdown

Published on December 05, 2024

AI Robot at an abstract desk with a blue laptop open.
Behavioural economics Business economics Competitive markets

Global Wage Arbitrage vs. Algorithmic Arbitrage: How AI Rewrites Comparative Advantage in the Homework Economy

Published on December 05, 2024

A composite image of Big Ben surrounded by digital elements and the text "AI", with the UK flag subtly in the background.

Economics AI: How Artificial Intelligence Is Transforming the UK Economy and Consumer Spending

Published on December 05, 2024

Orange toy bot sitting on the edge of a desk with post its behind it.
Behavioural economics Business economics Competitive markets

Long Tail of AI Services: When Every Micro-Niche Gets a Bot — An Application of Long-Tail Markets & Love-of-Variety Economics

Published on December 05, 2024

Photo of hand holding a smartphone with text "eSIM" on a yellow background.
Behavioural economics Business economics Competitive markets

eSIM Platforms, Roaming, and the Erosion of National Telecom Rents: Market Integration & Platform Economics in Action

Published on December 04, 2024

Fence and sign with the word "Privat" written on it.
Definitions Business economics

Privatisation Definition

Published on December 03, 2024

Stone statue of Yen currency symbol.
Definitions Forex Trading

Yen Carry Trade

Published on December 02, 2024

Close-up of a financial trading screen displaying the EUR/GBP currency pair with fluctuating line graph and market data.

The Economics of Trade Copying: How Cloud Technology Is Reshaping Retail Trading

Published on December 02, 2024

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Managing the economy

Economic Diversification and the Reincarnation of Saudi Arabia

Published on December 01, 2024

Five miniature workers in yellow hard hats climb and work on large white interlocking gears against a blue background.

Improving Market Efficiency Through Payment Orchestration: A UK Guide

Published on November 29, 2024

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AI can work much faster than human employees, but rates of AI hallucinations and other errors remain significant.

The Economics of AI Hallucinations and Error Costs

AI can be great, but "AI hallucinations" are frequent when AI software attempts to plug in data holes with information that it creates. This can include "ghost citations" of false sources of information. What will firms do to limit the dangers of AI error?...
4 min read

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API Economies and the Modularization of Production
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