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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
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Definitions Managing the economy

Consumption Function

Published on November 05, 2024

A person working on a laptop with data charts on the screen, alongside a smartphone on a wooden table.

Understanding DXPs: The Intersection of Economics, Technology, and Customer Experience

Published on November 03, 2024

A robotic arm in a futuristic, well-lit lab filled with shelves of organized equipment or items.

The Role of Digital Transformation in Driving Global Economic Recovery

Published on November 02, 2024

A string of glowing decorative lights with textured round bulbs, arranged on a dark surface.

The Economics of Brand Awareness: Key Metrics and Tools for Measuring Success

Published on November 01, 2024

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Definitions Behavioural economics

Expected Utility Theory

Published on October 31, 2024

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Behavioural economics Business economics Competitive markets Managing the economy Information Failure

Anonymity, Information Asymmetry, and State Capacity

Published on October 31, 2024

A row of vending machines with an elderly person using one of the machines.
Definitions Competitive markets

Substitutes Economics

Published on October 30, 2024

A panoramic view of London's skyline featuring modern skyscrapers, construction cranes, and a cloudy sky.

The Productivity Puzzle in 2025: Turning Point or False Start?

Published on October 30, 2024

An image of a blank black price tag.
Definitions Competitive markets

Price Taker

Published on October 29, 2024

An image of person counting money.
Definitions Managing the economy

Disinflation Definition

Published on October 29, 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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