Academic Journals Lead the Way in Profits

“A large research university will pay between $3- to $3.5-million a year in academic subscription fees—the majority of which goes to for-profit academic publishers,” says Sam Gershman, a postdoctoral fellow at MIT who assumes his post as an assistant professor at Harvard next year. In contrast to the exorbitant prices for access, the majority of academic journals are produced, reviewed, and edited on a volunteer basis by academics who take part in the tasks for tenure and promotion.

“Even the Harvard University Library, which is the richest university library in the world, sent out a letter to the faculty saying that they can no longer afford to pay for all the journal subscriptions,” says Gershman.