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.
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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
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
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
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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Justice requires that the media, policy makers, and the public understand why corporations engage in misconduct and fraud
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?
Business school students are taught to extract resources instead of creating value.
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.