William Lazonick is professor of economics at University of Massachusetts Lowell. He is also visiting professor at University of Ljubljana, professeur associé at Institut Mines-Télécom in Paris, and professorial research associate, SOAS, University of London. He is co-founder and president of the Academic-Industry Research Network, a 501(c)(3) research organization. Previously, he was on the faculties of Harvard University, Columbia University, INSEAD, and University of Tokyo. His book Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (Upjohn Institute 2009) won the 2010 Schumpeter Prize. His article “Profits Without Prosperity: Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off,” earned the HBR McKinsey Award for outstanding article in Harvard Business Review in 2014. His most recent papers include “Stock Buybacks: From Retain-and-Reinvest to Downsize-and-Distribute”; “Innovative Enterprise or Sweatshop Economics? In Search of Foundations of Economic Analysis”; “U.S. Pharma’s Business Model: Why It Is Broken and How It Can Be Fixed” (see submissions #1 and #2 to the UN High-Level Panel on Access to Medicines); and “The Mismeasure of Mammon: The Uses and Abuses of Executive Pay Data.” His recent research has been funded by the Institute for New Economic Thinking, Ford Foundation, and European Commission. Lazonick has a BCom from University of Toronto, MSc in economics from London School of Economics, a PhD in economics from Harvard University, and an honorary doctorate from Uppsala University. In December 2016 Lazonick will receive an honorary doctorate from University of Ljubljana.
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There is much for U.S. authorities to learn from the European example of forcing corporations to pay their fair share of taxes, but more far-reaching oversight of executives’ allocation of resources is also required
Report to the Institute for New Economic Thinking on the statistical measurement and policy implications of the compensation of the highest- paid U.S. corporate executives
The company’s focus on stock buybacks to increase shareholder value is a reminder of why so much of the value created daily by millions of workers ends up in the hands of the billionaires
Industrial journalist Ken Jacobson and economist William Lazonick (both of the Academic-Industry Research Network), call for an end to stock market manipulation through buybacks.
Featuring this expert
Lazonick discusses how we evolved from a society in which corporate interests were largely aligned with those of broader public purpose into a state where crony capitalism, accounting fraud, and corporate predation are predominant characteristics.
Economics has a race problem.
Like the Great Depression and the stagflation of the ’70s, the anemic growth of the U.S. economy can’t be understood or remedied without changes in economists’ thinking
Justice requires that the media, policy makers, and the public understand why corporations engage in misconduct and fraud