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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
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Behavioural economics Business economics Competitive markets

Economies of Scope and the Rise of Global Legal Service Platforms

Published on June 01, 2024

Man's hands typing on a macbook air.
Behavioural economics Business economics Competitive markets

Tax Arbitrage and Fiscal Competition: How Entrepreneurs Use Jurisdictional Differences to Optimize Taxes

Published on June 01, 2024

Laptop in the background that is fuzzy.
Behavioural economics Business economics Competitive markets

Transaction Cost Economics and the Rise of Self-Service Moving Platforms

Published on June 01, 2024

Picture of laptop and computer screen with pink underlight. The screens have bar charts on them.
Behavioural economics Business economics Competitive markets

Risk Correlation and Systemic Contagion: The Hidden Danger in Unified Trading Platforms

Published on May 29, 2024

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Business economics Competitive markets Factors of production

Comparative Advantage and the Rise of B2B AI & ML Development Services

Published on May 29, 2024

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Behavioural economics Business economics

Human Capital Theory and the Rise of Funded Trader Platforms: How Education Meets Opportunity in Online Finance

Published on May 16, 2024

Man working on two laptops with trading screens on them.
Behavioural economics Business economics Competitive markets

The Principal-Agent Problem and the Rise of Funded Traders: Managing Risk in the Modern Prop Firm Economy

Published on May 16, 2024

Brand Loyalty
Definitions Business economics

Brand Loyalty

Published on May 15, 2024

Sepia tone image of a Saab with broken rear window.
Behavioural economics Business economics Competitive markets

How Friction Costs and Present Bias Drive the Economics of Junk Car Disposal

Published on May 15, 2024

Image of Bitcoin bar chart on a smartphone.
Behavioural economics Business economics Competitive markets

How Technology Diffusion and Democratization Are Reshaping Retail Trading in the Age of AI

Published on May 15, 2024

Newer Posts
Page 13 of 32
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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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Thanks to APIs, many programmers can create add-ons and extensions to existing software.
API Economies and the Modularization of Production
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