It is well understood that the internet has created extraordinary abundance in information and products. Whereas once, consumers might have been restricted to their town paper for information and local mall for apparel, they can now find functionally unlimited amounts of both online.

The Internet changes all of that: now articles and videos are simply digital bits, easily created and easily transmitted anywhere on the globe, effectively for free. Physical goods still need to be made, but they can be sold to anyone by anyone, and shelf space has been replaced by the commoditized cardboard box.

Books matter. Making them is a combination of craft and insight. Publishing them is a generous act of faith. Adding to the corpus of shared knowledge is important. Books change the culture when people act on them, even if they don’t sell many copies. And sometimes the backlist surprises the accountants.

But the economics of new books have nothing to... See more