Open access to journals won’t lower prices

John H. Ewing, executive director of the American Mathematical Society, presents an interesting viewpoint in the Chronicle of Higher Ed. He says that open access will not lower prices (and calls the idea ‘misdirection’), but rather librarians need to stop paying for expensive journals and select the cheaper, society-owned ones instead to have any impact on prices. Does he have a point, or does he not understand the realities of what we do?