Why is knowledge getting so expensive? | Jeffrey Edmunds | TEDxPSU

Quick Overview

The high cost of knowledge, specifically the artificially inflated pricing of academic textbooks and e-books, is a result of a broken, oligopolistic system where major publishers control the market, leading to prohibitive costs for students and undermining the democratizing mission of publicly funded academic libraries.

Key Points: The cost of e-books has risen three times faster than the rate of inflation over the past 40 years, making them prohibitively expensive for students. Penn State University libraries spent over $142 million last year on e-books and other electronic resources, with 65% of students electing not to buy textbooks due to cost. Academic publishers maintain an oligopoly, controlling the market and dictating pricing, which forces libraries to pay excessive amounts for access, often through restrictive licensing agreements. The speaker argues that knowledge, especially that funded by public tax dollars, should be treated as a public good, not a private commodity subject to high licensing fees. The economic model is broken because publishers profit immensely while students and libraries bear the burden, exemplified by the fact that public funds support the creation of knowledge that is then sold back at high cost. The speaker suggests that open access resources, like the Open Textbook Library (which has over 1,551 items freely available), represent a sustainable alternative to the current restrictive publishing model.

Context: Jeffrey Edmunds, speaking at TEDxPSU, addresses the escalating crisis in academic publishing, focusing on the exorbitant cost of textbooks and e-books, particularly those used in university courses. He contrasts the current publisher-controlled market with the ideal of open access, using data from Penn State University Libraries to illustrate the financial strain this places on institutions and students.

Detailed Analysis

Jeffrey Edmunds argues that the knowledge creation ecosystem is fundamentally broken due to the artificially high costs imposed by a few large academic publishers who control the market for textbooks and e-books. He notes that e-book costs have risen three times faster than inflation over the last four decades, forcing libraries and students into unsustainable situations. For instance, Penn State Libraries spent over $142 million last year on electronic resources, and 65% of their students opted out of buying required textbooks because of cost. Edmunds points out that publishers bundle content and insert restrictive licensing clauses, preventing libraries from owning the material outright and subjecting them to constant renewal fees, often without knowing the true market value. He contrasts this with open access resources, citing the Open Textbook Library which offers over 1.5 million items freely available and fully adaptable, proving a more democratic model is possible. He concludes that knowledge, especially that funded by public money, must be treated as a public good, not a private commodity, to ensure fair and equitable access for all students and informed citizenry.