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.Over the past decade, the Institute for New Economic Thinking has funded a number of his research projects.

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

"Build Back Better" Needs an Agenda for Upward Mobility

Article | Jan 5, 2021

How the dream of a middle class existence collapsed, first for Blacks, then for more and more white American workers and what the Biden administration could do to retrieve the situation.

Employment Mobility and the Belated Emergence of the Black Middle Class

Paper Working Paper Series | | Jan 2021

“Build back” means restoring the government and business investments in the productive capabilities of the U.S. labor force that created a growing middle class in the three decades after World War II

The $5.3 Trillion Question Behind America’s COVID-19 Failure

Article | Jul 24, 2020

That’s the amount of buybacks U.S. corporations funneled to shareholders during the past decade—rather than invest in technologies for the common good. This article is being published jointly by INET and The American Prospect

How “Maximizing Shareholder Value” Minimized the Strategic National Stockpile: The $5.3 Trillion Question for Pandemic Preparedness Raised by the Ventilator Fiasco

Paper Working Paper | | Jul 2020

The success of projects for pandemic preparedness and response depends on the strength of government-business collaborations.

Featuring this expert

William Lazonick in the New York Times on Pharma CEO Pay

News Feb 26, 2019

INET grantee William Lazonick’s research on drug pricing is featured in a New York Times op-ed

Bill Lazonick Research in New York Times

News Nov 19, 2018

William Lazonick’s INET research is featured in his New York Times op-ed

American Prospect Features INET Pharma Research

News Aug 27, 2018

The American Prospect highlights William Lazonick’s INET paper on US Pharma’s Financialized Business Model.

Washington Post Features Bill Lazonick's Research

News Aug 16, 2018

The Washington Post cites William Lazonick’s INET paper on shareholder value