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Today, thanks to Application Programming Interfaces (APIs), diverse software can communicate with each other.

API Economies and the Modularization of Production

The dozens of apps on your phone can communicate with each other thanks to Application Programming Interfaces (APIs), which revolutionized software beginning in the year 2000. What are the economic ramifications of modularized production, where add-ons and expansions abound?...
4 min read
Trade-Off in Economics
Definitions Business economics

Trade-Off in Economics

Published on June 23, 2024

Economies of Scope
Definitions Business economics

Economies of Scope

Published on June 19, 2024

Diminishing Marginal Benefit
Definitions Business economics

Diminishing Marginal Benefit

Published on June 16, 2024

Photograph of Budapest at dusk
Behavioural economics Business economics Competitive markets

Fiscal Competition and the Rise of Golden Visa Programs

Published on June 13, 2024

Man in a suit writing on a board with post-its attached to it.
Behavioural economics Business economics Competitive markets

Disintermediation and the Rise of Learning Platforms in the Workplace

Published on June 13, 2024

man holding a phone in the right hand and typing on laptop with left, while sitting in a coffee shop.
Behavioural economics Business economics Competitive markets

The Red Queen Effect in Digital Tools: Why Low-Moat Services Must Run Just to Stay in Place

Published on June 10, 2024

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Behavioural economics Business economics Competitive markets Factors of production

Navigating the Learning Curve: Why AI Helper Firms Thrive in Early-Stage Markets

Published on June 08, 2024

Image of a glowing structure from the game minecraft.
Behavioural economics Business economics Competitive markets

Revealed Preference Theory and the Minecraft Economy: What Young Gamers Are Telling Us

Published on June 08, 2024

IT office modern setting in Ukraine.
Behavioural economics Business economics Competitive markets

Labor Arbitrage and the Rise of Hybrid Staffing Models in Global IT

Published on June 06, 2024

Inferior Commodity
Definitions Business economics

Inferior Commodity

Published on June 05, 2024

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AI can work much faster than human employees, but rates of AI hallucinations and other errors remain significant.

The Economics of AI Hallucinations and Error Costs

AI can be great, but "AI hallucinations" are frequent when AI software attempts to plug in data holes with information that it creates. This can include "ghost citations" of false sources of information. What will firms do to limit the dangers of AI error?...
4 min read

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