Could someone with knowledge of the matter explain why scientists still publish to these journals, and still sign up for access? It seems like as long as every university in the world can just switch to a blog a do away with publications, they'd save a lot of money, improve science, and reduce complexity overnight. Why are paid journals still a thing?
Now, if all scientists in a field were to switch to a new journal, they could take the prestige with them, get rid of the rent seeking publisher, and have the same science, prestige, and impact for a fraction of the cost. But if any individual scientists switches, they'd carry the full loss (of foregoing prestige/impact), while achieving no gain. So, you need to have everybody on board simultaneously.
A switch like that can happen [1], but it happens rarely. Often it takes the nestor of a field to get sufficiently pissed off with a journal and persuade everyone to move on. Great example: Don Knuth in 2003 convinced the Editorial Board of the Journal of Algorithms (which he had founded) to resign [2], and start ACM Transactions on Algorithms with a different, lower-priced, not-for-profit publisher. Elsevier kept the old Journal going, but gave up and folded 6 years later. Yay.
Wish that would happen more often. But given that the situation was basically the same 20 years ago, I am not optimistic. What needs to happen to shake the scientific publishing world up??
[1] https://en.wikipedia.org/wiki/Elsevier#Resignation_of_editor...