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Friday, February 18, 2011
Cost of College Textbooks...need I say more...Nice graph on the rising cost of them relative to everything else
Most of my students who take and pass (about 70-75 out of 100) the AP Macroeconomics and Micoreconomics test NEVER even open the college textbook (McConnell/Brue) we have for the class. With enough resources (teacher generated and found on the internet) coupled with in-class instruction, it seems to me most introductory-level college classes could organized relatively textbook-free. The chart below shows through an index that the cost of college educational materials increasing approx. 700% over time (from an index of 100 in the base year of 1979 to 800 today), while the prices of all goods and services in the economy rose only a fraction of this amount (from 100 to about 330). If young people in the US want to protest anything on college campuses, this seems like a good cause...
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Looks like they finally caught on that their own market is pretty inelastic. Colleges are always going to require students to have textbooks, therefore as long as students attend college, there will always be a demand for them.
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