Our ears use certain odd-ordered harmonics in order to determine loudness. We are very sensitive to these harmonics; if they are altered even by trace amounts we will develop 'listener fatigue' as it was know as in the old days.
Anything that can enhance these harmonics is a culprit: global loop feedback is a major sinner (which is why there are zero feedback amplifiers out there), non-linear devices such as transistors, transformers, cheap coupling capacitors, poor connections, breakup modes in loudspeaker drivers...
IMO a good system will not exhibit loudness artifact- no matter what volume level it is playing at, it will always be relaxed.
Anything that can enhance these harmonics is a culprit: global loop feedback is a major sinner (which is why there are zero feedback amplifiers out there), non-linear devices such as transistors, transformers, cheap coupling capacitors, poor connections, breakup modes in loudspeaker drivers...
IMO a good system will not exhibit loudness artifact- no matter what volume level it is playing at, it will always be relaxed.