Faculty researchers and authors are paid by the university to create the scholarship and research that they give away FOR FREE to scholarly publishers.
University libraries are then forced to pay exorbitant prices to purchase access to the intellectual property that their own faculty created. **This purchased access is often times not permanent or consistent.
The cost of scholarly publications is (and has been) rising at rates that are several times higher than inflation.
Significant price increases in journals every year decrease the purchasing power of libraries overall which negatively impact the overall (very limited) acquisition budget.
Data from the Association for Research Libraries show that from 1986 to 2005:
*Read 2012 Peridocial Price Survey
- The average cost of serials rose 167%.
- The average cost of a monograph rose 81%.
- The consumer price index for this time period rose 78%.
- Bottom line: prices are going up, and libraries can't keep up.