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While I personally think the boycott is a bit silly, I believe it's more complicated than a quick 'just don't buy it'. The fact is that a lot of users would buy the book if the price was low, giving publishers extra money they were never going to get in the first place. Ebooks give publishers far more flexibility to experiment with pricing models, but that experimentation hasn't happened yet.
If nothing else, this boycott raises an issue that is yet to be resolved, and I like it only for the fact that it might force a much needed discussion in the publisher-retailer circle.
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