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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 Business economics

Types of Goods in Economics

Published on October 03, 2024

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Definitions Business economics

Product Life Cycle (PLC)

Published on October 01, 2024

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Definitions Business economics

Primary Sector Economics

Published on September 19, 2024

Black and white photo of a man looking at his macbook with a trading screen on it.
Business economics Competitive markets

Market Access, Transaction Costs, and Financial Inclusion in Retail FX: The Case of OANDA

Published on September 19, 2024

Man working on a laptop with code on the screen.
Business economics Competitive markets

Who Captures the Surplus? Complementors vs. Platforms — Platform Economics, Bargaining Power & Value Capture

Published on September 06, 2024

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Business economics Competitive markets

Make-or-Buy in Software: The Boundaries of the Firm through Transaction Cost Economics

Published on September 03, 2024

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Business economics Competitive markets

Economies of Density and the Last-Mile: Urban Economics in the Age of Geocoding

Published on September 03, 2024

Black screen with lines of code on it.
Behavioural economics Business economics Competitive markets

Bayesian Quality Economics: Value of Information & Optimal Thresholds

Published on September 02, 2024

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Definitions Business economics

Break-Even Analysis and Equation

Published on August 28, 2024

A photo of a man taking picture of a tarmac from a airline terminal.
Behavioural economics Business economics Competitive markets

Platforms, Complements, and Two-Sided Markets: How Airline Stopovers Fuel Urban Micro-Tourism

Published on August 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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