But Why Would Greg Mankiw Adopt?
My solution is my own introductory textbook, “Principles of Economics.” The second edition of this text is out this fall through Textbook Media, Inc. The pricing works this way: $17 for access to an online e-textbook which has search, notes, and chat options, but that can’t be printed; $22 for the e-textbook along with the ability to print out PDF files of the chapters; and $33 for the e-textbook along with a black-and-white printed softcover version of the book. Textbook Media is a small company. It has no sales force to knock on the doors of professors and take them to lunch. It sponsors no junkets. The book is printed in black and white. But it does have e-textbook functionality, a workbook of problems and answers, a test bank, and some other add-ons. If you want a micro or a macro split, they are available. Of course, I think the content and exposition of the book is excellent on its own merits. But given the issue of soaring textbook prices, the price alone should make it worth a look.
I can see why students would have an incentive to adopt a cheaper textbook. But professors, and particularly professors who author competing textbooks, have no such incentive. And they are the ones who drive adoption.
Of course, comes the revolution, there won’t be any need for textbooks. Which might be good for Taylor, who is the star of the Teaching Company videos of econ.