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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
Natural monopolies
Business economics

Natural monopolies

Published on January 20, 2020

Price discrimination
Business economics

Price discrimination

Published on January 20, 2020

Monopoly
Business economics

Monopoly

Published on January 20, 2020

Pricing options
Business economics

Pricing options

Published on January 20, 2020

John Nash - Nash equilibrium
Business economics

John Nash - Nash equilibrium

Published on January 20, 2020

Game Theory
Business economics

Game Theory

Published on January 20, 2020

A lone building representing oligopoly dominance in a market
Business economics

Oligopoly

Published on January 20, 2020

Monopolistic competition
Business economics Right Rail

Monopolistic competition

Published on January 17, 2020

Market structures
Business economics

Market structures

Published on January 17, 2020

Minimum efficient scale
Business economics

Minimum efficient scale

Published on January 17, 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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