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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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Factors of production Managing the economy Labour markets Market Failure

Labor Market Polarization and the Rise of the Virtual AI Agent for Sales Calls: An Application of Routine-Biased Technological Change

Published on July 26, 2024

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Behavioural economics Business economics Competitive markets Factors of production Global economics

Platform Economics and Modularity: How Composable Tools Are Reshaping Enterprise Software

Published on June 28, 2024

Image of a computer screen displaying a program used for video editing.
Behavioural economics Business economics Competitive markets Factors of production Managing the economy Labour markets

Labor Market Polarization: AI and the Reshaping of the Video Editing Industry

Published on June 25, 2024

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Behavioural economics Business economics Competitive markets Factors of production

Navigating the Learning Curve: Why AI Helper Firms Thrive in Early-Stage Markets

Published on June 08, 2024

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Business economics Competitive markets Factors of production

Comparative Advantage and the Rise of B2B AI & ML Development Services

Published on May 29, 2024

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Behavioural economics Factors of production Global economics

How Comparative Advantage Is Driving the Outsourcing of Fintech Development

Published on May 16, 2024

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Business economics Behavioural economics Factors of production

Transaction Cost Economics and the Evolution of ERP Software Development

Published on March 13, 2024

Scarcity in Economics
Definitions Factors of production

Scarcity in Economics

Published on February 18, 2024

Isoquant Curves Simplified
Definitions Factors of production

Isoquant Curves Simplified

Published on September 11, 2023

Law of Diminishing Returns
Definitions Factors of production

Law of Diminishing Returns

Published on August 16, 2023

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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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