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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.

By this expert

Innovative Enterprise Solves the Agency Problem

Paper Working paper | | Oct 2017

The Theory of the Firm, Financial Flows, and Economic Performance

How “Shareholder Value” is Killing Innovation

Article | Jul 31, 2017

The prevailing stock market ideology enriches value extractors, not value creators

US Pharma’s Financialized Business Model

Paper Working Paper Series | | Jul 2017

Price gouging in the US pharmaceutical drug industry goes back more than three decades. 

The Functions of the Stock Market and the Fallacies of Shareholder Value

Paper Working Paper Series | | Jun 2017

Conventional wisdom has it that the primary function of the stock market is to raise cash for companies for the purpose of investing in productive capabilities. The conventional wisdom is wrong.

Featuring this expert

Vox Cites Bill Lazonick Research

News Aug 15, 2018

Vox cites William Lazonick’s INET paper on shareholder value

CNN: Democrats Plan Crackdown on Booming Stock Buybacks

News Mar 21, 2018

INET grantee William Lazonick explains why Sen. Tammy Baldwin is proposing to ban stock buybacks.

CNN: Are Stock Buybacks Deepening America's Inequality?

News Mar 5, 2018

One of Wall Street’s favorite tools could be deepening the growing chasm between America’s rich and poor, according to INET grantee William Lazonick.

CNN: Tax cut scoreboard: Workers $6 billion; Shareholders $171 billion

News Feb 16, 2018

INET grantee William Lazonick explains how the Trump tax cut is resulting in buybacks on Wall Street and bonuses for CEOs