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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
Technician working inside data centre server room viewed through observation window
Labour markets Innovation & Technology

The cobweb model explains why the AI data-centre boom keeps running short of electricians

Published on July 23, 2025

AI robots working on laptops in a row
Innovation & Technology Labour markets

AI chatbots displace tasks, not jobs: the task-based model of automation

Published on July 13, 2025

City of London
Business economics Agglomeration Economies Labour markets

Agglomeration Economies and Localisation Effects: What Makes Being Located In The City of London A Competitive Advantage for Start-ups

Published on June 18, 2025

Retirement Savings
small business Labour markets

Incentive Mechanism: Retirement Savings in the Small Business Labour Market

Published on June 08, 2025

Lady Justice scales and gavel on open book symbolising law and economic regulation
Labour markets

Why Strong NDAs Matter More Than Ever in Modern Consulting

Published on June 02, 2025

A swirling pattern of white and light blue lines against a dark green background.
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

Tall buildings seen from an overview point.
Managing the economy Labour markets

The Inefficiency of Venture Capital in the Modern Economy: A Result of Oversaturation and Excess Capital

Published on November 12, 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

An image of a typewriter with a "Job Application" written in a paper.
Definitions Managing the economy Labour markets

Natural Unemployment Formula

Published on October 07, 2024

A box of crayons in focus with a blurred child drawing in the background wearing a striped shirt.
Business economics Labour markets Market Failure

Exponentially Rising Tuition Costs Suppress Economic Growth in the U.S.

Published on October 05, 2024

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Older Posts
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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