THE BEGINNING econ student receives the best introduction to the subject of monopolies before he even begins a class -- the $3.4 billion racket that is the college textbook industry.
New textbook prices have risen by 40 percent over the past six years, a problem made worse by the reduced time between new editions, bookstore monopolies on textbook lists and faculty indifference.
Publishing companies only profit from new books, hence the countless new editions churned out which prevent students from being able to buy old books. However, introductory statistics and chemistry don't change enough to warrant the exorbitant cost of new textbooks each year, especially considering the dubious justifications publishing companies give for the barrage of expensive new editions. According to The Washington Post, publishing companies defend the countless new editions -- with prices driven even higher by the inclusion of unnecessary software and Web site subscriptions -- because today's college students need modern technology to hold their interest.
In this endeavor, it seems the textbook companies have failed, as I rarely hear students say, "Gee, I was going to waste time on the Internet playing video games, but my new interactive statistics book is way more visually exciting." Given this failure, textbook companies should stick to providing the already motivated students with educational tools that don't need to be changed with the seasons, not providing entertainment at twice the price.
Publishing companies aren't the only problem, though. Faculty and bookstores can also be to blame for high book prices. One Virginia lobbying group is set to change this with a bill currently before the Virginia General Assembly, the Textbook Market Fairness Act.
The bill, sponsored by a group called Virginia21, would do several things. First, it would eliminate what the group calls "faculty kickbacks," where publishing companies offer money to professors who require their books for classes. Another provision of the bill would require Virginia colleges to make available a list of required books to the students at the same time it is available to the bookstore. This would allow students more time to shop online or in other venues and thus, as Virginia21 puts it, "prevent artificial monopolies at college bookstores."
Other problems Virginia21 point out are that professors often aren't told how much a book will cost students, and professors frequently submit book requests after the deadline. More oftehn than not, book lists aren't available on ISIS until well after the class has started, reducing the ability of students to shop around for the best textbook price. Late book list submissions from professors also reduce the amount of money a student receives for a returned book, if that book will be needed for a class the following semester.
Yet another possible solution to the textbook dilemma would be the creation of a student textbook exchange. I participated in one such "exchange" last week when a student e-mailed the class list advertising her textbook, and I called her, wrote her a check and had my book for about $30 less than the University bookstore used price and about $60 less than new price.
This was, without a doubt, abuse of the class list, and the instructor wasn't pleased. But that aside, were such exchanges to become more common, students would save money both on the purchase and sale of used books over the University bookstore, which often charges far more for a used book than it pays. U.Va. already has a few options, like UVAbooksback.com and HooHasIt.com, but they are rarely used.
Consider a project started at William & Mary three years ago. Upset by the rising cost of textbooks, students set up a book exchange where used books are sold for 50 percent of the new value and purchased for 45 percent of the new value. At William & Mary, the leftover 5 percent benefits the freshman class. Used books are collected, entered into a computer database with prices. After the sale, money or unsold books are returned to the seller. This project would save students thousands of dollars a year on books, and would be a great one to implement here.
So stick it to The Man. Call your StudCo rep and tell him to set up a used book exchange. Call your delegate and tell him that your interactive pop-up financial math book isn't worth the $470 price-tag. That is, if you can put it down.
Herb Ladley's column appears Tuesdays in The Cavalier Daily. He can be reached at hladley@cavalierdaily.com.
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