08/04/2011 11:52 am ET Updated Oct 04, 2011

The True Price Of Publishing

When you shell out £25 or £30 for a hardback, what exactly are you paying for? I have always assumed – like, I imagine, most people – that the high cost of hardbacks is down to the fact that they are much more expensive than paperbacks to produce. But in fact this isn't the case at all. They are more expensive, true, but only slightly more – certainly not nearly enough to account for the £10 or £15 difference that has traditionally existed between the two formats.