Expensive College Textbooks

Why are college textbooks so expensive? Is it the premium, glossy paper and the hard cover? Is it to pay the distinguished authors who spend years researching and writing on their subjects? Maybe the fact that college students can afford anything?

I used to have no idea why, but after taking Microeconomics 101 last semester, I now have a better understanding. College textbooks are very inelastic goods, meaning that the higher they are priced, the more money publishers make, because it’s more of a necessity than a luxury. There are no true alternatives for college textbooks. They’re chosen by professors, and you have to buy them! Because of this, publishers and bookstores can charge more.

College bookstores are usually on-campus monopolies. They set the price higher in return for convenience of access. Recently, more people have been shopping online, and while bookstores will not go the way of the Dodo anytime soon, they should face some pretty strong pressures to lower prices. The major downside of shopping online is the hassle of having to search for the book and wait for the delivery, but I believe more people will be willing to do this as online bookstores have matured and made the process easier.