William Lazonick, professor emeritus of economics at University of Massachusetts, is co-founder and president of the Academic-Industry Research Network, a 501(c)(3) non-profit research organization, based in Cambridge, Massachusetts. He is an Open Society Fellow and a Canadian Institute for Advanced Research Fellow. He has professorial affiliations with SOAS University of London and Institut Mines-Télécom in Paris. Previously, Lazonick was assistant and associate professor of economics at Harvard University, professor of economics at Barnard College of Columbia University, and distinguished research professor at INSEAD in France. Lazonick earned his B.Com. at the University of Toronto, M.Sc. in Economics at London School of Economics, and Ph.D. in Economics at Harvard University. He holds honorary doctorates from Uppsala University and the University of Ljubljana. His research focuses on the social conditions of innovation and economic development in advanced and emerging economies. 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. He has twice—in 1983 and 2010—had the award from Harvard Business School for best article of the year in Business History Review. In 2014, he received the HBR McKinsey Award for outstanding article in Harvard Business Review for “Profits Without Prosperity: Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off.” In January 2020, Oxford University Press published his book, co-authored with Jang-Sup Shin, Predatory Value Extraction: How the Looting of the Business Corporation Became the U.S. Norm and How Sustainable Prosperity Can Be Restored.

By this expert

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.

How the U.S. New Economy Business Model has devalued science & engineering PhDs

Article | May 9, 2017

This note comments on Eric Weinstein’s, “How and Why Government, Universities, and Industries Create Domestic Labor Shortages of Scientists and High-Tech Workers,” posted recently on INET’s website.

Marketization and Financialization

Paper Commentary | | Apr 2017

How the U.S. New Economy Business Model Has Devalued Science and Engineering PhDs

Featuring this expert

INET Grantee Lazonick’s Research Shapes DC Share Buyback Debate

Article | Dec 22, 2017

Sen. Tammy Baldwin features arguments in questions to SEC nominees, pharmaceutical industry witness

Reawakening

From the Origins of Economic Ideas to the Challenges of Our Time

Event Plenary | Oct 21–23, 2017

INET gathered hundreds of new economic thinkers in Edinburgh to discuss the past, present, and future of the economics profession.

“Worse Than Big Tobacco”: How Big Pharma Fuels the Opioid Epidemic

Article | Oct 10, 2017

Once again, an out-of-control industry is threatening public health on a mammoth scale

How Economists Turned Corporations into Predators

Article | Oct 5, 2017

The Idea That Businesses Exist Solely to Enrich Shareholders Is Harmful Nonsense