The End of the Rip-Off Economy

Artificial intelligence may be ending one of capitalism’s oldest tricks — the edge sellers have over buyers. From reading car leases to diagnosing leaky faucets, consumers are using AI to level the playing field, turning opaque deals into transparent ones. Economists say this shift could finally curb the “rip-off economy” that’s long thrived on confusion and asymmetry. But the arms race isn’t over: as buyers get smarter bots, so will sellers. The next frontier may be AI negotiating with AI — and fairness could depend on who programs the rules. The Economist has the full story.