143 Results for “William Lazonick”
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Video
The Rise and Fall of the American Middle Class
Apr 19, 2017
How rationalization, marketization, and globalization characterize the U.S. economy during the past 50 years, and how the behavior of companies and fate of American workers have changed during this process.
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Article
A Public Comment on the SEC Pay Ratio Disclosure Rule
Mar 29, 2017
In this comment, we explain our objections to the SEC’s current formulation of the Pay Ratio Disclosure Rule on each of three grounds: the erroneous estimation of CEO pay; the unclear specification of the “median” worker; and the risk of normalizing a pay ratio that is far too high. Then we present the latest data on the remuneration of the 500 highest-paid CEOs in the United States, demonstrating the way in which the SEC’s measure of CEO pay that enters into the CEO-to-median-worker pay ratio tends to systematically underestimate actual executive pay.
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YSI Event
Trento Festival of Economics
YSI Europe Convening 2017
YSI
WorkshopJun 1–4, 2017
The Young Scholars Initiative and its working groups will be hosting meetings and discussions in and around the 2017 Trento Festival of Economics.
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Article
INET Research in a Year of Living Dangerously
Dec 29, 2016
Notes from the Institute’s Director of Research on some significant papers and contributions produced in 2016 under the INET rubric
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Article
If CEO Pay Was Measured Properly, It Would Look Even More Outrageous
Dec 22, 2016
Research funded by the Institute for New Economic Thinking has revealed that the SEC reports executive compensation using a formula that routinely undercounts it
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Working Paper
Working Paper SeriesThe Value-Extracting CEO: How Executive Stock-Based Pay Undermines Investment in Productive Capabilities
Dec 2016
The business corporation is the central economic institution in a modern economy. A company’s senior executives, with the advice and support of the board of directors, are responsible for the allocation of corporate resources to investments in productive capabilities. Senior executives also advise the board on the extent to which, given the need to invest in productive capabilities, the company can afford to make cash distributions to shareholders. Motivating corporate resource-allocation decisions are the modes of remuneration that incentivize and reward the top executives of these companies. A sound analysis of the operation and performance of a modern economy requires an understanding of not only how much these executives are paid but also the ways in which the prevailing system of executive pay influences their decisions to allocate corporate resources.
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Working Paper
Working Paper SeriesThe Equal Employment Opportunity Omission
Dec 2016
On June 2, 1965, under a mandate established by Title VII of the Civil Rights Act of 1964, the U.S. Congress created the Equal Employment Opportunity Commission (EEOC) to enforce federal anti-discrimination laws related to employment. The expectation was that African Americans would be prime beneficiaries of the EEOC.
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Video
Lazonick links stock buybacks to America’s jobs challenge
Nov 4, 2016
In an Al Jazeera documentary “In Search of the Great American Job”, Institute scholar William Lazonick offers some arch insights into the relationship between financialization — particularly the “shareholder value” ideology in corporations, which drives the transfer of profits to shareholders through stock buybacks — and job creation and inequality.
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Article
Yellen Challenges Economists Amid Elusive Great Recovery
Oct 24, 2016
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
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Article
Three Things to Know to Hold Wells Fargo Accountable
Oct 11, 2016
Justice requires that the media, policy makers, and the public understand why corporations engage in misconduct and fraud
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Article
Congratulations to Economics Nobel Laureates Hart and Holmström
Oct 10, 2016
Economists honored for their work on contract theory, which has important implications for issues such as executive compensation that have been a focus of Institute research
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Webinars and Events
Tomorrow’s Detroits & Detroit’s Tomorrows
ConferenceRace & Economics
Nov 11–12, 2016
Economics has a race problem.
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Article
VP Biden Cites Lazonick in Critique of Stock Buybacks
Sep 28, 2016
Vice President warns that corporate stock buybacks restrict America’s long-term prosperity, citing the research of Institute grantee William Lazonick who has long argued the same
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Article
Why Corporate CEO Pay is Routinely Undercounted
Sep 15, 2016
An Institute for New Economic Thinking Working Paper by William Lazonick and Matt Hopkins reveals that much reporting on executive pay relies on systems of measurement that underreport real compensation
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Article
European Ruling Highlights Apple's Corrupted Business Model
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
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Working Paper
Working Paper SeriesThe Mismeasure of Mammon: Uses and Abuses of Executive Pay Data
Aug 2016
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
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Article
General Equilibrium Theory: Sound and Fury, Signifying Nothing?
Aug 16, 2016
Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?
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Article
How MBA Programs Drive Inequality
Jul 7, 2016
Business school students are taught to extract resources instead of creating value.
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Article
What we learn about inequality from Carl Icahn’s $2 billion Apple “no brainer”
Jun 6, 2016
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
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Article
Is Wall Street Doing its Job?
May 20, 2016
What we’re reading: A weekly scan of published items relevant to the Institute’s work
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YSI Event
Piecing Together a Paradigm
YSI Plenary
YSI
ConferenceOct 19–22, 2016
New approaches are being developed, but efforts are fragmented and need to be brought together if we hope to piece together a paradigm.
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Article
Could fiscal policy changes revive US economic growth? Some contributions towards answering that question
May 19, 2016
Renewed interest by policymakers in the challenges of long-term slow economic growth highlights the importance of the Institute’s research
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Article
Neither Clinton nor Trump is engaging with the causes of America’s economic woes
May 17, 2016
Author Rana Foroohar explains why the economic policies being touted by both presidential frontrunners offer none of the new thinking necessary to drive a policy response to revitalize the economy
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Article
We Stopped Pfizer’s Tax Dodge, Now Let’s End the Buybacks
Apr 8, 2016
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.
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Working Paper
Grantee paperThe Financialization of the US Corporation: What Has Been Lost, and How It Can Be Regained
Jun 2012
Background paper for a presentation to the Seattle University School of Law Berle IV Symposiun, “The Future of Financial/Securities Markets,” London June 14-15, 2012.
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Article
U.S. Corporations Don’t Need Tax Breaks on Foreign Profits
Dec 21, 2015
Many Americans have expressed outrage over Pfizer’s plan, through its merger with Allergan, to move its tax home from the United States to Ireland. Now, in a New York Times op-ed, Carl Icahn, the billionaire corporate raider turned hedge fund activist, has joined the chorus. He labels the Pfizer-Allergan deal a “travesty,” blaming the U.S.’s “uncompetitive international tax system.”
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Article
Global Tax Dodging Just One Part of Pfizer’s Corrupt Business Model
Dec 3, 2015
Why are we paying for corporate behavior that crushes innovation, cheats taxpayers, cost jobs, and heightens inequality?
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Video
How Government Helps, and Wall Street Hurts, the Innovative Enterprise
Aug 21, 2011
Innovation drives economic growth and welfare, and the industrial corporation drives innovation, says William Lazonick. But just how do corporations innovate?
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Article
Externalities and Public Goods: Theory OR Society?
Nov 19, 2015
How much does the standard theory of externalities and public goods really say?
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Video
The Myth of Maximizing Shareholder Value
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.
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Working Paper
Conference paperThe Innovative Enterprise and the Developmental State: Toward an Economics of “Organizational Success”
Apr 2011
Investment in productive capabilities provides the foundation for economic growth.
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Working Paper
Working Paper SeriesInnovative Enterprise or Sweatshop Economics? In Search of Foundations of Economic Analysis
Oct 2015
By integrating the history of industrial development in Britain and the United States with the ideas of leading economic thinkers, this essay demonstrates the absurdity of perfect competition as the ideal of economic efficiency.
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Article
What the Steve Jobs Movie Won’t Tell You About Apple’s Success
Oct 23, 2015
Public funding behind the technology is the secret ingredient.
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Working Paper
Conference paperProfits Without Prosperity: How Stock Buybacks Manipulate the Market, and Leave Most Americans Worse Off
Apr 2014
Five years after the end of the Great Recession, corporate profits are high and the stock market is booming. Yet most Americans are not sharing in the apparent prosperity.
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Article
Latest Institute Grants Announced
Jul 17, 2015
The Institute for New Economic Thinking has awarded $2 million in grants to fund 21 different projects as part of the latest round of its research grant program.
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Working Paper
Working Paper SeriesLabor in the Twenty-First Century: The Top 0.1% and the Disappearing Middle-Class
Jan 2015
The ongoing explosion of the incomes of the richest households and the erosion of middle-class employment opportunities for most of the rest have become integrally related in the now-normal operation of the U.S. economy.
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Working Paper
Working Paper SeriesSkill Development and Sustainable Prosperity: Cumulative and Collective Careers versus Skill-Biased Technical Change
Dec 2014
There is widespread and growing concern about the availability of good jobs in the U.S. economy. Inequality has been growing for thirty years and is now at levels not seen since the 1920s. Stable and remunerative employment has become harder for U.S. workers to find.
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Working Paper
Working Paper SeriesWho Invests in the High-Tech Knowledge Base?
May 2014
A nation must accumulate a high-tech knowledge base to prosper.
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Article
How Superstar Companies Like Apple Are Killing America’s High-Tech Future
Dec 8, 2014
Few would argue that America’s fortunes rise and fall on its ability to generate technological innovations — to put bold ideas to work and then bring them to market.
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Article
What Apple Should Do with Its Massive Piles of Money
Oct 19, 2014
An Open Letter to Tim Cook, CEO of Apple
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Article
Numbers Show Apple Shareholders Have Already Gotten Plenty
Oct 16, 2014
Apple should be returning profits to workers who have invested their time and effort into generating its products and to taxpayers who have funded the investments in the physical infrastructure and human knowledge so critical to Apple’s success.
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Article
To Boost Investment, End SEC Rule Encouraging Buybacks
Sep 14, 2014
The New York Times is having a “Room For Debate” discussion on its Opinion Page about how corporations should handle profits based on the Harvard Business Review article “Profits Without Prosperity” by William Lazonick of the University of Massachusetts Lowell, who is a grantee of the Institute for New Economic Thinking. The discussion features contributions by Bruce Greenwald, Peter Thiel, and Lazonick, among others. Lazonick argues that the capital being used for stock buybacks would be better spent on investment. Lazonick’s “Room For Debate” piece is below. To read the full discussion on The New York Times, click here.
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Person
William Lazonick
Professor of Economics, University of Massachusetts Lowell President, The Academic-Industry Research Network