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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

Innovative Enterprise Solves the Agency Problem

Paper Working paper | | Oct 2017

The Theory of the Firm, Financial Flows, and Economic Performance

How “Shareholder Value” is Killing Innovation

Article | Jul 31, 2017

The prevailing stock market ideology enriches value extractors, not value creators

US Pharma’s Financialized Business Model

Paper Working Paper Series | | Jul 2017

Price gouging in the US pharmaceutical drug industry goes back more than three decades. 

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.

Reawakening

From the Origins of Economic Ideas to the Challenges of Our Time

Event Conference #INET2017 | Oct 21–23, 2017

This fall, hundreds of leading scholars, policymakers and public officials will gather at the Edinburgh International Conference center for the INET 2017 conference.

“Worse Than Big Tobacco”: How Big Pharma Fuels the Opioid Epidemic

Article | Oct 10, 2017

Once again, an out-of-control industry is threatening public health on a mammoth scale

How Economists Turned Corporations into Predators

Article | Oct 5, 2017

The Idea That Businesses Exist Solely to Enrich Shareholders Is Harmful Nonsense