<i>On the contrary. The text book industry views 2nd hand text books as theft.</i><p>Legitimately so, effectively.  2nd-hand sales net them nothing.  That said, it frees up more money for the person who was the early-adopter, who is more likely to buy more of the same, but that's not money "in their hands".<p>That said, making new versions each year is effectively stealing from students who are already strapped for cash.  I'd argue that's less ethical than <i>any</i> stretch involving 2nd-hand sales.  If they'd put out good books, students would <i>keep</i> them (I keep my good ones), and encourage others to buy them, increasing their sales. * gasp * unthinkable!