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It apparently isn't illegal, but I don't see why it couldn't be. Why
couldn't publishers simply license us the use of our desk copies with the
license agreement specifying that desk copies may not be sold.
Whenever
one of these sleazoids swings by, I make a point of loudly explaining to
any nearby student the central role of "this guy" in driving up their
textbook prices.
I'm not sure its totally fair to think of them as sleazoids (although I
confess I sometimes do). To some extent this is recycling and isn't any
more sleazy than someone coming in asking for your empy coke cans.
I may be guilty of overly dehumanizing these folks and overstating the
extent to which their practice affects textbook prices, but I do not
accept the moral equivalence of recycling aluminum and buying and selling
desk copies.
It is partially for this reason that I think textbooks should abandon much
of the four color goo-gaw, the hard covers, and the truckloads of
ancillaries that are used to market them. (The other reason is that I
think most of that stuff is distracting and, ultimately,
counterproductive.) I think there is something to be said for black and
white paperback texts that are simple, well written, and fall apart after
one or two good uses. See, for example, Chabay and Sherwood.