A new copy of Glenn Hubbard and Tony O’Brien’s widely used introductory economics textbook costs more than some smartphones. The phone can send you to any part of the web and holds access to the sum of human knowledge. The book is about 800 heavy pages of static text. Yet thousands of college students around the US are shelling out $250 for these books, each semester, wincing at the many hours ahead of trying to make sense of this attempt to distill the global economy into tiny widgets and graphs.
In my professional area of medical education there is clear market failure. Publishers are simply unable or choose not to, to develop what we need. And the institutions — universities — despite their origins have simply looked the other way, ignoring the needs (and wants) of their students. And do not get me started on “lecture recording”.
The quote below is a great article on some of the economics of book publishing: it is about a cookbook. And why not?
One of the most opaque industries around is publishing, not here online, but good old-fashioned print-books and their digital and audio spin-offs. Poke around and try to find some hard sales numbers and you’ll quickly find that it’s near impossible to do so. You can find bestseller lists from reputable sources like the NYTimes, Amazon and others but tying those rankings to an actual number of books sold at retail is simply not doable. Publishing costs, deals, and profit lines are even harder to shake loose.
“Why We Are Self Publishing the Aviary Cookbook – Lessons From the Alinea Book”. Real numbers from the opaque world of cookbook publishing. [Link]
And if you want insights into the research publishing business, here is a link to a great article that appeared in 2017 on this topic by Stephen Buranyi. Mind you, I almost have a sneaking admiration for some of the crooks: foxes in the henhouse.