143 Results for “William Lazonick”
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Article
4 Burning Questions on the Global Vaccine Rollout
Dec 29, 2020
Warnings of “corruption and incompetence coming together,” as economists William Lazonick and Öner Tulum study the race to end the pandemic.
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News
INET funded research by William Lazonick is cited in the Wall Street Journal
Dec 7, 2020
“Critics led by William Lazonick, economics professor emeritus at the University of Massachusetts Lowell, say buybacks starve companies of cash for innovation and worker pay, and favor executives aiming to jack up the stock prices because their compensation is increasingly stock-based. The buyback trend has become controversial since a 2014 article by Prof. Lazonick in the Harvard Business Review, “Profits Without Prosperity.” The S&P 500 companies that had been publicly listed from 2003 through 2012, he found, had spent amounts equal to 54% of their earnings for buybacks and 37% for dividends, leaving “very little for investments in productive capabilities or higher incomes for employees.” — Randall Smith
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News
INET working paper on how maximizing shareholder value led to minimizing national interests is cited in The American Prospect
Dec 7, 2020
“If companies continue to prioritize maximizing shareholder wealth at the expense of other key stakeholders, and at the expense of investing in innovation, then the Green New Deal could reinforce long-standing income and wealth inequities and the decline in innovation in the U.S. economy (for an important example, Bill Lazonick and Matt Hopkins document how maximizing shareholder value minimized the strategic national stockpile for ventilators and personal protective equipment).” —Lenore M Palladino
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News
William Lazonick's research on stock buybacks is featured in Retail Dive
Nov 3, 2020
William Lazonick, president of the Academic-Industry Research Network and a professor emeritus of economics at the University of Massachusetts, who has devoted much of his research to the topic of buybacks, has written that the rule change “in effect gave corporations license to use open-market repurchases to manipulate the market.” … In an interview, Lazonick told Retail Dive, “These distributions to shareholders, particularly buybacks on top of dividends, are at the expense of keeping people employed, rewarding them for the work they’ve done, and investing in new products and processes.”
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News
William Lazonick is quoted in on the stock market practices of Big Pharma
Oct 29, 2020
“Executives have an interest in getting the stock price up and price gouging customers is one way they can do this,” said William Lazonick, professor emeritus of economics at University of Massachusetts and co-founder of the Academic-Industry Research Network. While many drug companies argue that they use their vast profits to fund ongoing pharmaceutical innovation, Lazonick said, “we’ve shown that most of these companies don’t do that.” Instead, the soaring prices fuel soaring stock prices and executive pay, which is often based largely on that price.” — INET Grantee William Lazonick
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Article
The $5.3 Trillion Question Behind America’s COVID-19 Failure
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
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Working Paper
Working PaperHow “Maximizing Shareholder Value” Minimized the Strategic National Stockpile: The $5.3 Trillion Question for Pandemic Preparedness Raised by the Ventilator Fiasco
Jul 2020
The success of projects for pandemic preparedness and response depends on the strength of government-business collaborations.
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Working Paper
Working Paper SeriesEmployment and Earnings of African Americans Fifty Years After: Progress?
Jul 2020
To fulfill MLK’s vision of jobs and freedom for Black Americans, Washington must rein in corporate greed
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Article
There Can Be No Equality Without a Dramatic Renewal of Employment Opportunity for All American Workers
Jul 16, 2020
To fulfill MLK’s vision of jobs and freedom for Black Americans, Washington must rein in corporate greed
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Article
Elites Have Made the American Dream a Nightmare for Black People. Who’s Next?
Jul 9, 2020
Researchers reveal the enemies to stability and prosperity that threaten us all.
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Article
How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class
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.
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Working Paper
Working Paper SeriesHow the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class
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.
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Article
Think Big Pharma Won’t Profiteer in the Race to Treat Coronavirus? Think Again.
May 5, 2020
Evidence shows pharmaceutical companies won’t stop price-gouging and risking American lives for financial gain in this time of crises – unless we force them.
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Article
Who Benefits When the Price of Insulin Soars?
Apr 16, 2020
Contrary to pharmaceutical company claims, revenue from high insulin prices are going to shareholders, not R&D
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Article
CARES Will Care for Wall Street and Big Business, for Macroeconomic Balance Maybe Not So Much
Apr 6, 2020
Much historical commentary emphasizes how pandemics restructure long-standing social and political arrangements. The observation applies to macroeconomics as well.