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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
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

A black-and-white hand holding a small yellow clock against a minimalist background.
Market Failure Business economics

Potential Effects of the Harris-Walz $25,000 Down Payment Assistance Plan

Published on October 05, 2024

A red bicycle leaning against a wooden fence painted with a large red maple leaf on a background of white and blue panels.
Managing the economy Market Failure

Housing Shortages and Canada's Rental Controls

Published on September 20, 2024

Man viewed from Top Down, working on a laptop and looking at invoices.
Business economics Managing the economy Market Failure

Unpaid Invoices: The Hidden Crisis Facing UK Small Businesses

Published on August 12, 2024

Image of an office phone, foreground is focuse
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 Information Failure Market Failure

The NFT Resurgence and the Minsky Speculative Bubble Cycle

Published on March 21, 2024

Photograph of the inside of a car dealership, with a red Mazda in the background and a desk in the foregroun
Market Failure

Market Failures in the Age of Product Complexity: Addressing Information Asymmetry

Published on January 12, 2024

Cartelism Meaning
Definitions Market Failure

Cartelism Meaning

Published on January 02, 2024

Pareto Efficiency
Definitions Competitive markets Market Failure

Pareto Efficiency

Published on September 14, 2023

Understanding the Tragedy of the Commons with Examples
Definitions Behavioural economics Market Failure

Understanding the Tragedy of the Commons with Examples

Published on May 08, 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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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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