1. So I was actually kind of [irritated]{使恼怒}, you know?

  2. There’s this chart that gets [cited]{引用,援引} a lot, maybe you’ve even seen it.

  3. It’s from a government report on textbook prices and shows the price of new textbooks over the past decade, and it is a very [steep]{陡峭的} line.

  4. In this case, that relationship was [severed]{被割断,中断}.

  5. Economists call this the [principal]{委托人} agent problem.

  6. They’re always talking about, gee, we have this new [coverage]{覆盖} of these new topics.

  7. Koch did not want to [weigh in]{发表有分量的意见}, so we did something more awkward.

  8. Let me just start by saying thank you for agreeing to come in and be [grilled]{盘问,使受高温烤炙} about the price of your textbook.

  9. I mean, people who get their homes [renovated]{翻新,修补} talk about what a nightmare it is, and health care is this famously broken market.

  10. Well, I think it’s - whenever you have a principal agent problem, there’s a risk that the agent, which in this case is the professor, doesn’t do due [diligence]{勤奋} and doesn’t do their job correctly and look for the best interests of the principal, which in this case is the student.

  11. The biggest [expenditure]{开支} for students is not the expenditure of money, but it’s the expenditure of their time.

  12. So if somebody comes in and says I have a book that’s - it’s not as good, but it’s going to save your students $30, I’m going to say given that they’re going to spend 40, 50, 60, 70 hours reading this book over the course of a semester, am I really going to [skimp]{节省} on a textbook to get something that’s [inferior]{较差的,级别较低的}?

  13. Jonathan Helliwell is a financial analyst at Panmure Gordon, one of the oldest [brokerages]{经纪行} in England.

  14. People came up with new ways to avoid those higher prices - textbook [rentals]{租金}, illegal downloads.

  15. One textbook salesman I talked to called it a [spiral]{螺旋形的,不断上升} of [destruction]{破坏,摧毁}.

  16. It sat [astride]{跨在…上} a business which was simple - produce books, and that’s what it did.

  17. We are [ploughing]{投资,耕作} huge resources into creating a new set of instructional materials which help students and help instructors and do so at a much lower price than it’s ever been seen before.

  18. But for students, there is this one big [drawback]{缺点}.

感谢 [maskray]{宋方睿} 和 [xiaq]{肖骐} 二位分别提供Javascript和CSS指导。