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

European Ruling Highlights Apple's Corrupted Business Model

Article | Aug 31, 2016

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

How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class

Article | Jun 15, 2020

Since the 1980s, the enemy of equal employment opportunity through upward socioeconomic mobility has been the pervasive and entrenched corporate-governance ideology and practice of maximizing shareholder value.

How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class

Paper Working Paper Series | | Jun 2020

In this introduction to our project, “Fifty Years After: Black Employment in the United States Under the Equal Employment Opportunity Commission,” we outline the socioeconomic forces behind the promising rise and disastrous fall of an African American blue-collar middle class.

4 Ways to Eradicate the Corporate Disease That is Worsening the Covid-19 Pandemic

Article | Mar 23, 2020

It’s time for business executives, employees, and taxpayers to come together to help get us out of the pandemic and create conditions for a sustainable and equitable future

Featuring this expert

The Myth of Maximizing Shareholder Value

Video | Jan 22, 2014

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.

Top Economist: Instead of Basic Income, Let’s Keep People Working Productively During the Crisis

Article | Mar 25, 2020

William Lazonick emphasizes that keeping workers productively employed is key to economic recovery from Covid-19 as well as a healthy economic future

Banning Buybacks

Video | Dec 4, 2019

Stock buybacks are giveaways for greedy investors at the expense of everyone else.

The Hidden Costs of Healthcare

Video | Nov 20, 2019

INET experts discuss how financialization has driven up costs of healthcare—and how we can stop it.