![]() Jeff Bezos Hawks the Kindle |
It’s still not clear whether electronic books are the wave of the future or a consumer products cul-de-sac. Technology continues to improve, and there are certainly lots of good reasons for a device like Amazon’s Kindle to be the leading edge of a major wave of adoption. A few of the more obvious arguments include:
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Reduced cost of distribution. The publishing industry wastes a lot of money printing and shipping books, and because of historical practices, creates huge numbers of books that never even get sold. Not very green, and a waste of money.
Niche markets that can be very well-served. For example, high school and college students can replace those 30-pound backbacks with a 30-ounce tablet-sized device.
Removal of barriers to publication. The news and magazine businesses are being revolutionized by self-publication in the form of blogs. Self-publication is possible in the printed book world, but it is still a rather awkward process. Publication to electronic format is presumably a trivial problem.
Integration of information resources. A device like the Kindle allows you to consult the Internet, written reference materials, and your personal notes all from the same device, making it a true information portal.
But consumer acceptance is a fickle thing, so we don’t know if these rational arguments are going to fly. And of course, every writer who reviews a device like the Kindle or the equally capable Sony Reader feels compelled to write something along the lines of “But I just can’t imagine forgoing the pleasure of curling up on my couch with a good book.” I’m sure that when Gutenberg introduced movable type there were millions of industry reviewers posting notes to their blogs saying “The uniformity of the type is just esthetically unpleasing - I love it when I recognize the script of one of my favorite transcribing brothers.”
And then of course there’s the Steve Job’s money quote on the subject:
“It doesn’t matter how good or bad the product is, the fact is that people don’t read anymore, forty percent of the people in the U.S. read one book or less last year. The whole conception is flawed at the top because people don’t read anymore.”
So it’s really pretty hard to be sure just which way this is going to go.
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Jerome Kerviel is (or by the time you read this, was) a stock trader for French bank Societe Generale. Jerome is supposed to execute stock trades, probably according to some very specific programs, in order to keep the bank’s assets humming along.
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