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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

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. 

The Functions of the Stock Market and the Fallacies of Shareholder Value

Paper Working Paper Series | | Jun 2017

Conventional wisdom has it that the primary function of the stock market is to raise cash for companies for the purpose of investing in productive capabilities. The conventional wisdom is wrong.

How the U.S. New Economy Business Model has devalued science & engineering PhDs

Article | May 9, 2017

This note comments on Eric Weinstein’s, “How and Why Government, Universities, and Industries Create Domestic Labor Shortages of Scientists and High-Tech Workers,” posted recently on INET’s website.

Featuring this expert

Washington Post: Don’t Let Pay Increases Coming Out of Tax Reform Fool You

News Feb 6, 2018

In their op-ed in the Washington Post, INET grantee William Lazonick and Rick Wartzman show how companies are spending their tax savings on investors, not workers.

INET Grantee Lazonick’s Research Shapes DC Share Buyback Debate

Article | Dec 22, 2017

Sen. Tammy Baldwin features arguments in questions to SEC nominees, pharmaceutical industry witness

Reawakening

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

Event Conference #INET2017 | Oct 21–23, 2017

INET gathered hundreds of new economic thinkers in Edinburgh to discuss the past, present, and future of the economics profession.

“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