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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
The 1973 Oil Crisis and Shell's Scenario Planning
Business economics

The 1973 Oil Crisis and Shell's Scenario Planning

Published on December 14, 2024

Picture of monopoly houses on sheets of paper with graphs
Definitions Business economics

Proportional Tax

Published on December 06, 2024

AI Robot at an abstract desk with a blue laptop open.
Behavioural economics Business economics Competitive markets

Global Wage Arbitrage vs. Algorithmic Arbitrage: How AI Rewrites Comparative Advantage in the Homework Economy

Published on December 05, 2024

Orange toy bot sitting on the edge of a desk with post its behind it.
Behavioural economics Business economics Competitive markets

Long Tail of AI Services: When Every Micro-Niche Gets a Bot — An Application of Long-Tail Markets & Love-of-Variety Economics

Published on December 05, 2024

Photo of hand holding a smartphone with text "eSIM" on a yellow background.
Behavioural economics Business economics Competitive markets

eSIM Platforms, Roaming, and the Erosion of National Telecom Rents: Market Integration & Platform Economics in Action

Published on December 04, 2024

Fence and sign with the word "Privat" written on it.
Definitions Business economics

Privatisation Definition

Published on December 03, 2024

Two hands doing a handshake.
Definitions Business economics

Collective Bargaining Definition

Published on November 25, 2024

Black headphones on a yellow background.
Definitions Business economics

Cheapening of Electronic Products

Published on November 22, 2024

Image of a warehouse well ordered and neat.
Business economics Competitive markets Behavioural economics Global economics

Modular Capital and the Fragmentation of Industrial Demand: Economies of Scale vs. Economies of Scope

Published on November 22, 2024

Light industrial machinery printing simple electronics.
Business economics Competitive markets Global economics Managing the economy

Lower Entry Barriers: Used Machinery and Small-Firm Formation

Published on November 21, 2024

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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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Thanks to APIs, many programmers can create add-ons and extensions to existing software.
API Economies and the Modularization of Production
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