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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
Production possibility frontiers (PPFs)
Definitions

Production possibility frontiers (PPFs)

Saddique Ansari • January 29, 2020 • 1 min read

Author bio

PPF – definition

A PPF is a diagram to show all the possible combinations of two goods when all scarce resources are used.

PPF diagram

  • There are several applications of PPFs

  • Pareto efficiency and PPFs

  • Read more on PPFs

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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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