Annoyance economy: the hidden cost of everyday hassles

Have you ever spent 45 minutes on hold with your insurance company, tried to cancel a subscription that seemed impossible to escape, or wondered why your concert ticket cost way more at checkout? These hassles that eat up our time, money and patience are central to what our guests call the ‘annoyance economy’ — and business is booming. 

A recent study found companies have figured out there’s money to be made by making things just difficult enough that we give up. Long customer service wait times, robocalls and scam texts, endless paperwork and hidden fees generate billions of dollars from frustrated consumers. 

The conversation has even reached Washington, where some policymakers are proposing new ways to crack down on these annoyances. But, is this just what modern life looks like? Is there enough bipartisan motivation to regulate businesses profiting from their, well, annoyance?

On this episode of Studio 2, how the annoyance economy works against consumers and what we can do about it.

Guests: 

• Neale Mahoney, professor of economics and director of the Stanford Institute for Economic Policy Research
• Chad Maisel, executive director of “Project 2029,” a Democratic Party policy blueprint