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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
Complementary Goods Defined
Definitions Business economics

Complementary Goods Defined

Published on September 24, 2021

The Lorenz Curve
Definitions Managing the economy Behavioural economics Business economics

The Lorenz Curve

Published on September 24, 2021

Stagflation Simplified
Business economics Managing the economy

Stagflation Simplified

Published on August 26, 2021

What Is Laissez-Faire Economic Theory?
Competitive markets Business economics Definitions Managing the economy

What Is Laissez-Faire Economic Theory?

Published on June 30, 2021

What Is Adverse Selection?
Competitive markets Business economics Definitions

What Is Adverse Selection?

Published on June 08, 2021

Factors of Production: Definitions, Examples and Importance
Market failures Definitions Business economics Factors of production

Factors of Production: Definitions, Examples and Importance

Published on June 07, 2021

The Impact of UK Home Improvement Businesses on the Real Estate Industry
Business economics

The Impact of UK Home Improvement Businesses on the Real Estate Industry

Published on April 19, 2021

Is Inflation Coming, And Which Businesses Are Immune To It
Business economics

Is Inflation Coming, And Which Businesses Are Immune To It

Published on December 18, 2020

Explaining The K-Shaped Economic Recovery from Covid-19
Uncategorized Business economics Managing the economy Market failures

Explaining The K-Shaped Economic Recovery from Covid-19

Published on November 03, 2020

Does Public Choice Theory Affect Economic Output?
Business economics Behavioural economics

Does Public Choice Theory Affect Economic Output?

Published on October 13, 2020

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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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