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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
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

5 Top Challenges Facing the Finance Industry in 2023
Business economics Competitive markets

5 Top Challenges Facing the Finance Industry in 2023

Published on February 28, 2022

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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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