Anyone who has purchased college textbooks knows that they’re expensive.
However, it might be surprising how quickly prices are rising.
In a new post, he charts textbook prices against CPI and other goods thar are seeing prices skyrocket.
The 812% increase in the price of college textbooks since 1978 makes the run-up in house prices and housing bubble (and subsequent crash) in the 2000s seem rather inconsequential, and the nine-fold increase in textbook prices also dwarfs the increase in the cost of medical services over the last three decades. Compared to the 250% increase in the Consumer Price Index (CPI) over the last 34 years, college textbooks have risen more than three times the amount of the average increase for all goods and services.
Here’s the insane chart:
Photo: AEI, Carpe Diem