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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
A digital credit card surrounded by a network of blue circuit lines on a dark background, symbolizing online transactions.

Blockchain Payment Gateways and Transaction Costs

Published on November 23, 2024

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Definitions Business economics

Cheapening of Electronic Products

Published on November 22, 2024

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Business economics Competitive markets Behavioural economics Global economics

Modular Capital and the Fragmentation of Industrial Demand: Economies of Scale vs. Economies of Scope

Published on November 22, 2024

A building with classical architecture topped with the flag of Austria against a blue sky.
Definitions Managing the economy

Austrian School of Economics

Published on November 21, 2024

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Business economics Competitive markets Global economics Managing the economy

Lower Entry Barriers: Used Machinery and Small-Firm Formation

Published on November 21, 2024

A pile of U.S. dollar bills in various denominations placed on a white surface.
Definitions Managing the economy

American National Debt

Published on November 20, 2024

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Definitions Factors of production

Non-Renewable Resources

Published on November 19, 2024

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Definitions Behavioural economics

Broken Window Fallacy

Published on November 18, 2024

Glowing fingerprint displayed on a circular scanner.

Passkeys: The Future of Secure Financial Transactions in a Digital Economy

Published on November 17, 2024

A city skyline showcases digital Bitcoin symbols and network connections, representing cryptocurrency's impact on urban life and technology.

How Do Crypto Payments Work?

Published on November 16, 2024

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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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