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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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Global economics Managing the economy Definitions

The Evolution and Challenges of the Circular Economy: From Utopia to Reality

Published on December 05, 2024

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Global economics Managing the economy

Transition Risk: Navigating the Financial Implications of Climate Mitigation Strategies

Published on December 04, 2024

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Global economics Crypto

The Emergence and Potential of Zero-Knowledge Proofs in Blockchain Technology

Published on November 27, 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

 A person standing in jeans and casual shoes beside a military-style backpack, boots, and an American flag on the ground.
Managing the economy Global economics

The Military-Industrial Complex: How Ongoing Conflicts Drive Profits for Defense Contractors

Published on November 13, 2024

Two windmills on a hilltop with a scenic background of mountains, a lake, and a sunset sky.
Business economics Managing the economy Labour markets Behavioural economics Global economics

The Impact of Small, Highly Efficient, and Cheap Nuclear Reactors on Developed Economies: A Focus on Energy Costs and Transportation

Published on November 11, 2024

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Definitions Global economics

What does Hysteresis do?

Published on November 08, 2024

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Global economics Definitions

Economic Ripple of Spanish Gold

Published on October 28, 2024

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Managing the economy Global economics

Why is Turkey a Bad Economy?

Published on October 11, 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.
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