I know many of my friends in school were crazy about collecting stamps. Stamp collection has been a hobby for a huge number of people for a long time, but experts now say that it is a dying hobby. The reason for this is that there are fewer collectors now than in the past with the prices of stamps falling by the year. In this regard, the stamp collecting hobby seems to be losing its lustre with experts predicting that the Economics of Philately are not looking great. Why is this the case? A majority of collectors are either dying or leaving the stamp collecting hobby seeing that most of them are either old or do not see it as a viable economic activity anymore. When this happens, their collections are put in a market that is shrinking, and that does not have enough demand for stamps no matter how valuable they are. The result of this is shrinking prices leading to the degradation of the philately economy.