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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
A blonde and a brunette with a laptop and a phone open, showing the words "University".
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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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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