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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
An image of a herd of sheep.
Behavioural economics Definitions

Herding Psychology and Economics

Published on July 31, 2024

Minimalist digital illustration showing interconnected icons of a smartphone, dollar sign, bar chart, and loyalty card in a circular layout.

Loyalty Economics: How Digital Rewards Platforms Are Reshaping Customer Retention in 2025

Published on July 28, 2024

A typographic collage emphasizing "Angel Investor" surrounded by related terms like "success," "growth," and "venture," highlighting entrepreneurial themes.

What Fintech Angel Investors Look for in Startups (and How the Right Development Partner Helps)

Published on July 28, 2024

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Factors of production Managing the economy Labour markets Market Failure

Labor Market Polarization and the Rise of the Virtual AI Agent for Sales Calls: An Application of Routine-Biased Technological Change

Published on July 26, 2024

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Global economics

Global Economy Increasingly Decentralized Due to Cloud Based Commerce

Published on July 25, 2024

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Definitions Managing the economy

Homeowning Grows the Economy

Published on July 25, 2024

A woman standing by a window in Istanbul.
Competitive markets Managing the economy Global economics

External Economies of Scale and the Istanbul Medical Tourism Cluster: How Industrial Clustering Drives Competitive Prices in Global Cosmetic Healthcare

Published on July 25, 2024

Pepe Crypto Gains Traction as Whales Accumulate

Pepe Crypto Gains Traction as Whales Accumulate

Published on July 25, 2024

A close-up of hands opening a wallet with visible cards inside against a blurred background.
Definitions Behavioural economics

Loss Aversion Definition

Published on July 24, 2024

A row of charming stone cottages with manicured lawns and flower beds, set against a clear blue sky. The gravel driveway leads to the houses.

House Purchase Withdrawal: Legal, Financial, and Economic Implications Explained

Published on July 20, 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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