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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
Minimum efficient scale
Business economics

Minimum efficient scale

Published on January 17, 2020

Diseconomies of Scale
Business economics Factors of production Definitions Behavioural economics

Diseconomies of Scale

Published on January 17, 2020

Growth of firms
Business economics

Growth of firms

Published on January 17, 2020

Economies of scale
Business economics

Economies of scale

Published on January 17, 2020

Efficiency
Business economics

Efficiency

Published on January 17, 2020

Profits
Business economics

Profits

Published on January 17, 2020

Business motives
Business economics

Business motives

Published on January 17, 2020

Costs
Business economics

Costs

Published on January 17, 2020

Revenue
Business economics

Revenue

Published on January 17, 2020

Production
Business economics

Production

Published on January 17, 2020

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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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