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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
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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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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