The End of the College Textbook as We Know It?
The unsustainable "higher education bubble" has received some well-deserved attention lately - watch Glenn Reynolds talk about it in detail here. A direct partner in the "higher education bubble" is the unsustainable "college textbook bubble," captured graphically in the chart above - notice how it totally dwarfs the "real estate bubble." Since 1980, educational books have risen annually at more than twice the rate of overall inflation, 6.7% vs. 3.3% respectively. "When students pay more for new textbooks than tuition in a year, then something's wrong," says Rand S. Spiwak, executive vice president at Daytona State in the article below.
MP: As Glenn Reynolds reminds us, "a process that cannot go on forever, won't." When some students are spending more on textbooks than tuition, that certainly seems to qualify as a situation that cannot go on forever. For the unsustainable "textbook bubble," e-books seem to offer one possible solution.