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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
Smartphone with BTC chart on a black textured background.
Behavioural economics Business economics

Liquidity Preference Theory and the High Cost of Instant Bitcoin Purchases

Published on March 25, 2024

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Business economics Behavioural economics

Marginal Cost Pricing and the Rise of Affordable Custom Graphic Design Services

Published on March 17, 2024

Website with graphs, viewed on laptop screen.
Behavioural economics Business economics

The Market for Lemons and Its Impact on Financial Resource Sites

Published on March 13, 2024

Computer screen with app thumbnails
Business economics Behavioural economics Factors of production

Transaction Cost Economics and the Evolution of ERP Software Development

Published on March 13, 2024

Female holding a tablet with the word "Blockchain" on a blue background.
Behavioural economics Business economics

Time Preference and Hyperbolic Discounting: Understanding Credit Card Bitcoin Purchases

Published on March 13, 2024

Phone lines in a desolate field, all gray.
Business economics Information Failure

The Principle of Path Dependence: How Legacy Technology Like 1300 Numbers Continues to Drive Economic Advantage

Published on March 10, 2024

A neon sign that reads "PSYCHIC"
Behavioural economics Competitive markets Business economics Information Failure

The Economics of Credence Goods: How Unverifiable Services Thrive in Modern Markets

Published on March 10, 2024

A large curved screen in the background and a male hand holding a smart phone with the skype logo in blue.
Behavioural economics Competitive markets Business economics

Network Effects and the Retirement of Skype: Analyzing Microsoft's Strategic Shift and Its Market Implications

Published on March 07, 2024

The Economic Advantages of Adopting Cloud-Based CRM Solutions
Business economics

The Economic Advantages of Adopting Cloud-Based CRM Solutions

Published on March 05, 2024

A screen with Nasdaqa and S&P 500 index prices shown
Business economics

Democratizing Venture Capital: Retail Investors Entering High-Risk, High-Reward Markets

Published on March 04, 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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