Why Are Textbooks So Expensive?

Wavebreakmedia/iStock via Getty Images
Wavebreakmedia/iStock via Getty Images

The beginning of a freshman’s college experience is an exciting time. Dining halls! No bedtime! Taunting your RA! Exorbitantly expensive textbooks!

Wait, that last one is no fun at all. It’s hard to make that first trip to the college bookstore for required texts without leaving with a bit of sticker shock. Why are textbooks so astonishingly expensive? Let’s take a look.

Publishers would explain that textbooks are really expensive to make. Dropping over a hundred bucks for a textbook seems like an outrage when you’re used to shelling out $10 or $25 for a novel, but textbooks aren’t made on the same budget. Those hundreds of glossy colorful pages, complete with charts, graphs, and illustrations, cost more than putting black words on regular old white paper. The National Association of College Stores has said that roughly 33 cents of every textbook dollar goes to this sort of production cost, with another 11.8 cents of every dollar going to author royalties. Making a textbook isn’t cheap.

There’s certainly some validity to this explanation. Yes, those charts and diagrams are expensive to produce, and the relatively small print runs of textbooks keep publishers from enjoying the kind of economies of scale they get on a bestselling popular novel. Any economist who has a pulse (and probably some who don’t) could poke holes in this argument pretty quickly, though.

In the simplest economic terms, the high price of textbooks is symptomatic of misaligned incentives, not exorbitant production costs. Students hold the reasonable stance that they’d like to spend as little money as possible on their books. Students don’t really have the latitude to pick which texts they need, though.

Professors pick the course materials, and faculty members don’t have any strong incentive to be price sensitive when it comes to selecting textbooks. Their out-of-pocket expense is zero whether the required texts cost $100 or $300, so there’s no real barrier to heaping on more reading material. If a student needs Class X to graduate, they’ll likely need to procure the required texts. This lack of cost-control incentives for professors is a major reason that at some point in college, everyone meets the expensive textbook’s even more maddening cousin, the Expensive Textbook You Never Even Use.

Moreover, many students aren’t all that price sensitive themselves. While the broke college kid is a beloved caricature, many students’ parents may still be footing the bill for school materials like books. Unless their parents raise a stink over a semester’s book bill, it’s easy to see how the textbook market could be one where none of the players actually have any strong incentive to be sensitive to prices.

Publishers also counter that widespread sales of used books cut into their bottom line. As eBay and Amazon have made the market for textbooks much bigger and more flexible, publishers lament that they’re losing out on sales, which necessitates higher retail prices for the new books they do sell.

Is there any truth to this argument? Maybe, but the effect may not be as great as the publishers claim. As economist Hal R. Varian wrote in The New York Times in 2005, it’s not totally clear that used textbooks are perfect substitutes for new ones. (Finding this piece absolved me of any residual guilt I may have had over selling Varian’s own excellent graduate microeconomics text on eBay last year.) As Varian puts it, used book sales probably cannibalizes less of the new book market than one might imagine.

Luckily for students, some external forces are placing downward pressure on textbook prices. Last year a new federal law went into effect that requires publishers to notify professors of textbook prices and schools to inform students of necessary course texts during registration. Online textbook rental companies could help replace outright ownership, as could electronic reserve programs. It may take a while, but in the future college students may be able to do the required reading without emptying their wallets.

Can You Ever Truly Lose Your Accent?

DGLimages, iStock via Getty Images
DGLimages, iStock via Getty Images

You may be able to pull off a Spanish accent when showing off your Antonio Banderas impression, but truly losing your native accent and replacing it with a new one is a lot harder to do. The way you speak now will likely stick with you for life.

According to Smithsonian, our accent develops as early as 6 months old—accents being the pronunciation conventions of a language shaped by factors like region, culture, and class. When a baby is learning the words for nap and dad and play, they're also learning how to pronounce the sounds in those words from the people around them. Newborn brains are wired to recognize and learn languages just from being exposed to them. By the time babies start talking, they know the "right" pronunciations to use for their native language or languages.

As you get older, your innate understanding of foreign accents and languages gets weaker. If you're an English speaker raised in Boston, you may think that the way someone from Dallas speaks English sounds "wrong" without being able to articulate what it is that makes them sound different. This is why pulling off a convincing foreign accent can be so difficult, even if you've heard it many times before.

Around age 18, your ability to learn a second language takes a steep nosedive. The same may be true with your ability to speak in a new accent. If you immerse yourself in a foreign environment for long enough, you may pick up some ticks of the local accent, but totally adopting a non-native accent without making a conscious effort to maintain it is unlikely as an adult.

There is one exception to this rule, and that's Foreign Accent Syndrome. Following a head injury or stroke, some people have reported suddenly speaking in accents they didn't grow up using. The syndrome is incredibly rare, with only 100 people around the world having been diagnosed with it, and medical experts aren't sure why brain injuries cause it. But while patients may be pronouncing their words differently, they aren't exactly using foreign accents in the way most people think of them; the culprit may be subtle changes to muscle movements in the jaw, tongue, lips, and larynx that change the way patients pronounce certain vowels.

[h/t Smithsonian]

What Happened to the Physical Copy of Martin Luther King's 'I Have a Dream' Speech?

AFP, Getty Images
AFP, Getty Images

On August 28, 1963, Martin Luther King Jr. stood on the steps of the Lincoln Memorial and gave a speech for the ages, delivering the oratorical masterpiece "I Have a Dream" to nearly 250,000 people.

When he was done, King stepped away from the podium, folded his speech, and found himself standing in front of George Raveling, a former Villanova basketball player who, along with his friend Warren Wilson, had been asked to provide extra security around Dr. King while he was speaking. "We were both tall, gangly guys," Raveling told TIME in 2003. "We didn't know what we were doing but we certainly made for a good appearance."

Moved by the speech, Raveling saw the folded papers in King’s hands and asked if he could have them. King gave the young volunteer the speech without hesitation, and that was that.

“At no time do I remember thinking, ‘Wow, we got this historic document,’” Raveling told Sports Illustrated in 2015. Not realizing he was holding what would become an important piece of history in his hands, Raveling went home and stuck the three sheets of paper into a Harry Truman biography for safekeeping. They sat there for nearly two decades while Raveling developed an impressive career coaching NCAA men’s basketball.

In 1984, he had recently taken over as the head coach at the University of Iowa and was chatting with Bob Denney of the Cedar Rapids Gazette when Denney brought up the March on Washington. That's when Raveling dropped the bomb: “You know, I’ve got a copy of that speech," he said, and dug it out of the Truman book. After writing an article about Raveling's connection, the reporter had the speech professionally framed for the coach.

Though he displayed the framed speech in his house for a few years, Raveling began to realize the value of the piece and moved it to a bank vault in Los Angeles. Though he has received offers for King’s speech—one collector wanted to purchase the speech for $3 million in 2014—Raveling has turned them all down. He has been in talks with various museums and universities and hopes to put the speech on display in the future, but for now, he cherishes having it in his possession.

“That to me is something I’ll always be able to look back and say I was there,” Raveling said in the original Cedar Rapids Gazette article. “And not only out there in that arena of people, but to be within touching distance of him. That’s like when you’re 80 or 90 years old you can look back and say ‘I was in touching distance of Abraham Lincoln when he made the Gettysburg Address.’"

“I have no idea why I even asked him for the speech,” Raveling, now CEO of Coaching for Success, has said. “But I’m sure glad that I did.”

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