But what do journals do? I know what they did: they were clearinghouses of current scientific knowledge. Now, in the days of the ArXiv, what do they do?
The only answer I can come up with is: help academics gain tenure and promotion. Except for a few flagships (Science, Nature, Cell, etc) most journals are not current, and are not read. Issues are not received with bated breath by people rushing to find out what the cutting edge is. Instead, everyone who cares has gotten the preprints, and everyone else doesn't care.
Arguing about the profitability of journals feels like arguing about the business models of buggy whip manufacturers.
The only answer I can come up with is: help academics gain tenure and promotion. Except for a few flagships (Science, Nature, Cell, etc) most journals are not current, and are not read. Issues are not received with bated breath by people rushing to find out what the cutting edge is. Instead, everyone who cares has gotten the preprints, and everyone else doesn't care.
Arguing about the profitability of journals feels like arguing about the business models of buggy whip manufacturers.