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<p>The numbers probably match with better … expectations of how the market works or should work. According to some, and their obvious efforts, the sales of NEW books should match the arrival of new students, minus a “bit” of attrition. But, BECAUSE of the continuing price gouging, domestic sales at multiples of foreign versions, the “market” has responded with illegal copying at one extreme and sales of used book at the other (and more legal) side. </p>
<p>There is a reason why there are so many copy shops around universities, and especially abroad. When there is an imbalance between the perceived value of a text book and its price, customers will react accordingly. Fwiw, if the Mankiw book was routinely available at 25 to 40 dollars (about what it should fecth) there would hardly be a “black market” or a dynamic secondary market. Students might buy the book and keep it as a reference (well, one might dream 
) but that does not happen when the cost is upwards of 200 dollars for an academic book. </p>
<p>No matter how one looks at it, this is an industry that has little to no integrity and goes through lengthy and aggressive measures to defend their questionable practices. The players do it because they can get away with it, and have plenty of resources (and hired mercenaries) to fight any potential erosion. </p>
<p>The parallels to the software or music industry are solid. Sell at a reasonable price and people will buy. For instance, with the academic discounts offered by the MS or Apple of this world, do you see a lot of pirated software on freshmen computers? Move into the world of Adobe Suites and the numbers are changing! </p>
<p>All in all, the current market for academic books (and they DO cost a lot more than a decade ago) is just as corrupt as most elements associated with education. It just comes with the territory when the final customers have little to say about what supplies they need to buy. The fact that they pay directly or indirectly has no relevance to an industry that has been built on insiders’ networks. </p>