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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
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Business economics Competitive markets Factors of production

Adaptive Learning as Bayesian Updating: Decision Theory in Modern Test Prep

Published on September 18, 2025

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Factors of production Labour markets Business economics Competitive markets

Comparative Advantage in the Age of Automation: The Impact of AI on Global Trade Dynamics

Published on February 09, 2025

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Competitive markets Managing the economy Factors of production

The Resource Curse and Institutional Failure: Economic Rent-Seeking and Development Challenges in Africa

Published on January 12, 2025

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Definitions Global economics Factors of production

Theory of Absolute Advantage

Published on December 18, 2024

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Factors of production

Economics as a Pillar of Public Health: Addressing R&D Imbalances Through Public-Private Partnerships

Published on November 30, 2024

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Definitions Factors of production

Non-Renewable Resources

Published on November 19, 2024

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Definitions Competitive markets Factors of production

Economic Efficiency

Published on October 23, 2024

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Behavioural economics Definitions Business economics Factors of production

Frictional Unemployment

Published on October 17, 2024

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Factors of production Managing the economy Global economics

MITI and the Economic Development Miracle of Japan

Published on September 21, 2024

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Definitions Factors of production

Economic Rent Definition

Published on August 03, 2024

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Older Posts
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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