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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
Two people at an open laptop, one of who is pointing at the screen while the other is touching the touchpad.
Behavioural economics Business economics Competitive markets

How Adverse Selection Distorts the SEO Industry: A Market for Lemons

Published on May 08, 2024

Laptop with orange text displayed on the screen: "JOIN US ONLINE."
Business economics Behavioural economics Competitive markets

How Overconfidence and the Dunning-Kruger Effect Create an Entire Economy of Illusion

Published on May 08, 2024

Laptop open with trading graph and a cup of coffee on a coaster to the right of i
Behavioural economics Business economics Competitive markets

How Network Effects and Platform Economics Are Reshaping the Retail Trading Tool Market

Published on May 07, 2024

Image of Manhattan from space showing the city grid.
Competitive markets Business economics Managing the economy

How VPNs Enhance Market Efficiency by Reducing Friction in Global Commerce

Published on May 01, 2024

Man working from a home setting with a custom PC setup.
Behavioural economics Business economics Competitive markets

How Market Expansion and Specialization Are Shaping the Freelance Economy

Published on April 29, 2024

Laptop with technology in the background, showing a candle chart on the main screen.
Behavioural economics Business economics Competitive markets Managing the economy

How Technological Diffusion and Democratization of Access Are Transforming Crypto Markets

Published on April 29, 2024

Sign showing the word "silver" in various language
Behavioural economics Business economics Competitive markets Labour markets

How Nudge Theory Is Transforming Customer Loyalty Through Behavioral Economics

Published on April 28, 2024

Two baby bottles on a blurry backgroun
Behavioural economics Business economics Competitive markets

Reputation Economics and Signaling Theory: Why “Made in Germany” Dominates the Global Baby Formula Market

Published on April 24, 2024

Watch laying down on an apple macbook with a watch, brown leather strap.
Behavioural economics Business economics

Piggybacking on Brand Value: The Economics of Free Riding in the Accessory Market

Published on April 23, 2024

Picture of a busy street in Southeast Asia
Behavioural economics Business economics Competitive markets

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

Published on April 22, 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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