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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

Market Efficiency and the Role of Technology in Transforming the Tourism Industry

Published on April 22, 2024

Close up picture of a $100 bill with Benjamin Franklin's head prominent there.
Competitive markets Behavioural economics Business economics

Interest Rate Parity: The Economic Principle That Anchors Currency Values

Published on April 22, 2024

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Behavioural economics Business economics Managing the economy

Path Dependence in Finance Education: Why Curriculum Change Lags Behind Market Innovation

Published on April 20, 2024

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Competitive markets Behavioural economics Business economics

Incentives Matter: How Academic Economists Respond to the Market of Ideas

Published on April 19, 2024

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Behavioural economics Managing the economy Crypto Business economics

Applying the Efficient Frontier: How Diversification Enhances Crypto’s Role in Modern Portfolios

Published on April 19, 2024

Image of an iphone in the dark with the screen lit up showing various app
Managing the economy Competitive markets Business economics

Global Talent and the Law of Comparative Advantage: Understanding Labor Arbitrage in App Development

Published on April 11, 2024

Labour Intensive
Definitions Business economics

Labour Intensive

Published on March 31, 2024

Image of smartphone with some applications.
Behavioural economics Business economics

Marginal Cost and Marginal Benefit in Digital Advertising: How Ad Format Choices Reflect Core Economic Principles

Published on March 31, 2024

Ex-Ante Meaning
Definitions Business economics

Ex-Ante Meaning

Published on March 28, 2024

Consumer Durables
Definitions Business economics

Consumer Durables

Published on March 27, 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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Thanks to APIs, many programmers can create add-ons and extensions to existing software.
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