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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
Mixed Economy
Definitions Business economics Managing the economy

Mixed Economy

Published on May 22, 2023

Understanding the Supply Shifters
Definitions Business economics Factors of production

Understanding the Supply Shifters

Published on May 17, 2023

Non-Price Competition
Competitive markets Definitions Business economics

Non-Price Competition

Published on March 22, 2023

Inflationary Gap
Business economics Global economics Definitions Managing the economy

Inflationary Gap

Published on March 05, 2023

Joint Supply
Behavioural economics Definitions Factors of production Business economics

Joint Supply

Published on January 24, 2023

Constant Returns to Scale
Definitions Factors of production Business economics

Constant Returns to Scale

Published on January 16, 2023

Moving Toward a Cashless Society
Business economics

Moving Toward a Cashless Society

Published on December 12, 2022

Microsoft and Google are at war on AI. Who will Prevail?
Business economics Competitive markets

Microsoft and Google are at war on AI. Who will Prevail?

Published on October 21, 2022

Economics of Outsourcing: Offshore Development Centers
Definitions Business economics

Economics of Outsourcing: Offshore Development Centers

Published on June 23, 2022

Solow Growth Model
Definitions Business economics

Explaining the Solow Model of Economic Growth

Published on May 18, 2022

Newer Posts
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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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