Createquity article about supply, demand and surplus (overproduction ~ sound familiar) in art markets addresses intrinsic motivation conditions similar to those in higher ed ~ used there to rationalize pay imbalance.
"For one thing, conversation about supply and demand breaks down a bit when the suppliers have an
intrinsic motivation to be in the marketplace. Classical economic models assume that suppliers don’t have any particular emotional attachment to what they’re supplying; all they really want to do is to make money. As a result, if they’re not making money, they’ll exit the industry, leaving more to go around for everyone else. As we see from
Kirk Lynn’s contribution to the discussion, however, many artists (especially artist-entrepreneurs) have far
too much passion for their work to consider exiting solely for financial reasons.
The result of this lack of exit is a surfeit of fantastic art that few aside from its creators have time to take in."
