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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
Implicit vs. Explicit Costs
Definitions Business economics

Implicit vs. Explicit Costs

Published on January 14, 2024

Several parked cars at a car dealership in Japan.
Managing the economy

How Digital Approaches are Disrupting Brick-and-Mortar Businesses: The Case of Car Buying and Selling

Published on January 13, 2024

Person typing on macbook with a screen in the background.
Business economics

The Rise of AI in Personal Assistance: A Study in Comparative Advantage

Published on January 13, 2024

Photograph of the inside of a car dealership, with a red Mazda in the background and a desk in the foregroun
Market Failure

Market Failures in the Age of Product Complexity: Addressing Information Asymmetry

Published on January 12, 2024

The Economics of Consumer Consent: How Regulations Reshape Business Strategies

The Economics of Consumer Consent: How Regulations Reshape Business Strategies

Published on January 10, 2024

Quaternary Sector
Definitions Global economics

Quaternary Sector

Published on January 09, 2024

The Role of Privacy Tools in the Changing Landscape of E-Commerce

Published on January 04, 2024

Vladimir Semenikhin: An Impactful Contributor to the Construction and Art World
Profiles

Vladimir Semenikhin: An Impactful Contributor to the Construction and Art World

Published on January 03, 2024

Image of a man holding a phone with the robin hood app open
Business economics Competitive markets

Diminishing Marginal Returns: Case Study of Client Acquisition by Retail Trading Platforms

Published on January 03, 2024

Cartelism Meaning
Definitions Market Failure

Cartelism Meaning

Published on January 02, 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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