143 Results for “William Lazonick”
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Webinars and Events
Resolving Global Vaccine Inequity
ConferenceInnovation, Capabilities and Governance
Apr 11–12, 2024
The development of COVID-19 vaccines within a year of the emergence of SARS-CoV-2 was an unprecedented triumph of scientific research that saved millions of lives. In contrast, the lack of global coordination to manage intellectual property, technology transfer, production, financing, and distribution of vaccines led to excess deaths and losses in economic output.
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Partnership
The AirNet
The Academic-Industry Research Network—theAIRnet—is a 501(c)(3) not-for-profit research organization devoted to the proposition that a sound understanding of the role of business in the economy requires collaboration between academic scholars and industry experts.
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Article
Experts: Negotiating Big Pharma's Prices Won't Stifle Innovation—They Don't Use the Money to Innovate!
Mar 14, 2024
Industry lobbyists vehemently oppose Medicare drug price negotiations. However, physician-scientist Fred Ledley and economist William Lazonick debunk their arguments.
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News
Business Insider quotes and cites Lazonick’s INET-funded research on Boeing’s stock buybacks.
Feb 12, 2024
Business Insider quotes and cites William Lazonick’s INET-funded research on Boeing’s stock buybacks. Cross-posted in MSN, Yahoo Finance, Business News, AOL, News Break, Star News, and Web Today.
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Article
What’s the Fate of Social Security in a Brutally Unequal America?
Feb 1, 2024
White House contenders ignore root causes threatening the program, potentially worsened by cuts. Is it due to reliance on wealthy donors?
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Article
How GM’s $10-Billion Buyback May Ice Its EV Transition
Dec 18, 2023
Reindustrialization vs Financialization
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Article
Antitrust Enforcement in the Crosshairs
Oct 6, 2023
Post-Chicago Economists vs. New Brandeisians on the New Merger Guidelines
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Article
What the UAW and Everyone Else Need to Know About CEO Pay
Oct 2, 2023
What is GM CEO Mary Barra’s take-home pay? (It’s more than you are being told)
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Article
How Shareholder Value Fixation Turns AI and Robotics into a Recipe for Failure
Sep 11, 2023
New technologies are not the problem. It’s a system distorted by a flawed ideology.
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Article
The Scourge of Corporate Financialization: Income Inequity, Employment Instability, Productive Fragility
Aug 21, 2023
Stock buybacks as a mode of predatory value extraction
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Article
Central Banks, Green Finance, and the Climate Crisis
Jun 29, 2023
The tough policy choices ahead for confronting the climate crisis
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Working Paper
Working PaperThe Pursuit of Shareholder Value: Cisco’s Transformation from Innovation to Financialization
Feb 2023
On the dereliction of key US-based business corporations to take the lead in making the investments in organizational learning required to generate cutting-edge communication-infrastructure products.
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Article
Losing Out in Critical Technologies: Cisco Systems and Financialization
Feb 28, 2023
Cisco’s turn from innovation to financialization and what it means for the competitive position of the US information-and-communication-technology industry
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Article
Sick with “Shareholder Value”: US Pharma’s Financialized Business Model During the Pandemic
Dec 6, 2022
Evidence sharply contradicts PhRMA’s contention that its member companies need unregulated drug prices to generate profits that they then reinvest in drug innovation.
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Article
6 Economic Experts Reveal the Truth About the Inflation Reduction Act
Aug 30, 2022
Is it good for your wallet? A climate bill in disguise? Landmark action or nothingburger? Economic experts assess the Democrats’ legislative victory for the Institute for New Economic Thinking.
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Article
China’s Development Path: Indigenous Innovation and Global Competition
Aug 22, 2022
China’s successful technological development path stands in contrast to the corporate financialization model in the United States
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Working Paper
Working Paper SeriesChina’s Development Path: Government, Business, and Globalization in an Innovating Economy
Aug 2022
China’s successful technological development path stands in contrast to the corporate financialization model in the United States
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Article
Letter to SEC: How Stock Buybacks Undermine Investment in Innovation for the Sake of Stock-Price Manipulation
Apr 1, 2022
A comment on the Securities and Exchange Commission’s proposed rule “Share Repurchase Disclosure Modernization”
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Working Paper
Working PaperInvesting in Innovation: A Policy Framework for Attaining Sustainable Prosperity in the United States
Apr 2022
Business firms are not alone in making investments in the productive capabilities required to generate innovative goods and services. Household units and government agencies also make investments in productive capabilities upon which business firms rely for their own investment activities.
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Article
Where Did You Go, Vice President Joe?
Mar 4, 2022
President Biden’s first SOTU Address was a missed opportunity to say what he knows to be true: Stock buybacks manipulate the market and leave most Americans worse off
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Working Paper
Working paperEquality Denied: Tech and African Americans
Feb 2022
EEO-1 employment data document the vast over-representation of Asian Americans and vast under-representation of African Americans at tech companies in recent years. How did this happen?
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Article
African Americans in Tech: What the EEO-1 Numbers Reveal
Feb 22, 2022
EEO-1 employment data document the vast over-representation of Asian Americans and vast under-representation of African Americans at tech companies in recent years. How did this happen?
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News
William Lazonick's INET-Funded Research Is Cited in Quartz
Feb 17, 2022
“What is the motivation for tax avoidance? To maximize profits and juice the stock price, of course. A research team led by William Lazonick at the University of Massachusetts reports in Harvard Business Review that from 2009 to 2019, S&P 500 companies spent over 90% of net income on buybacks and dividends, with the highest levels achieved after the 2017 tax cuts, in 2018 and 2019. Taking on corporate debt to finance share repurchases has become commonplace. Never mind that share buybacks deplete corporate treasuries of cash to weather setbacks and to fund productive investment in labor and R&D.”
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Article
Beyond Price Caps: A Regulatory Framework for Pricing of Medicine Innovation
Feb 3, 2022
US regulators can step in to ensure drug pricing both supports patient access and drug development
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Working Paper
Working Paper SeriesPricing for Medicine Innovation: A Regulatory Approach to Support Drug Development and Patient Access
Feb 2022
US regulators can step in to ensure drug pricing both supports patient access and drug development
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News
OSF and INET Complete 12 Year Collaboration on New Economic Thinking
Jan 5, 2022
The Institute for New Economic Thinking (INET) and the Open Society Foundations (OSF) announced that OSF has made a gift of $23.5 million to INET. The grant marks the completion of the organizations’ 12-year collaboration.
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News
William Lazonick’s INET funded research is cited in the American Prospect.
Oct 26, 2021
“Nobody but those top corporate executives was really paying attention to share buybacks until the middle of the last decade, when University of Massachusetts economist William Lazonick wrote an article for the Harvard Business Review documenting the surprising and depressing fact that the companies that had belonged to the Fortune 500 during the previous decade had spent so much on share buybacks and dividends that the total was either equal to or actually exceeded their profits.”
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Article
Welcome to the Emergency Room. A Wall Street Honcho Will Decide Your Treatment.
Oct 12, 2021
Doctors and medical experts say private equity firms and profiteering corporations are putting American lives at risk and compromising the practice of medicine.
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Working Paper
Working Paper SeriesWhy the CHIPS Are Down: Stock Buybacks and Subsidies in the U.S. Semiconductor Industry
Oct 2021
To strengthen the American semiconductor industry, Congress should condition additional funds on suspending stock buybacks
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Article
Does America Want a CHIPS for Buybacks Act?
Oct 4, 2021
To strengthen the American semiconductor industry, Congress should condition additional funds on suspending stock buybacks
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Article
How Intel Financialized and Lost Leadership in Semiconductor Fabrication
Jul 7, 2021
Stock buybacks come at the cost of technological innovation
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Podcasts
The Rise and Fall of the Black Blue-Collar Middle Class, part 2
Jul 2, 2021
Umass Lowell Economics professor William Lazonick, outlines the history of how government policy and economic conditions contributed to the rise and fall of a Black blue-collar middle class. Part 2 takes a closer look at the role of finance and stock buybacks and what can be done to reverse the trend towards growing inequality.
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Podcasts
The Rise and Fall of the Black Blue-Collar Middle Class, part 1
Jul 1, 2021
Umass Lowell Economics professor William Lazonick, outlines the history of how government and economic conditions favored the rise of a Black blue-collar middle class from the 1960”s to the 1970’s, and how shifts in policy and in the economy caused its unmaking from the 1980’s onwards.
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Working Paper
Working PaperThe Unmaking of the Black Blue-Collar Middle Class
May 2021
How once-promising Black upward mobility reversed course, and what can be done about it
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Article
How Greedy Corporations Turn the Black American Dream into a Nightmare
May 24, 2021
The plight of white blue-collar workers is well-known, but Blacks in that category were feeling the squeeze long before their white counterparts.
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Article
Stock Buybacks Stand in the Way of Biden’s Infrastructure Plan
Apr 7, 2021
Hedge fund managers are pushing American firms to play Wall Street games instead of investing in technologies of the future. China doesn’t have that problem.
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Article
Chicago School Economists Got it Wrong. Strong Antitrust Policy Boosts the Economy.
Mar 29, 2021
History shows robust antitrust enforcement helps promote a prosperous, fair, and balanced economy. Antitrust expert Mark Glick explains how the U.S. went astray during the 1980s, and how to get back on track.
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News
William Lazonick’s INET funded research is cited in Counter Punch
Mar 22, 2021
“As William Lazonick and other analysts have pointed out, stock buybacks artificially inflate executive pay and drain capital that could be put to productive purpose. .[xxv] — Sarah Anderson, Counter Punch [xxv] William Lazonick, “Profits Without Prosperity,” Harvard Business Review, September 2014.”
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News
William Lazonick’s INET funded research was cited in Crenshaw’s speech at the SEC
Mar 10, 2021
“And what if there is a stock buyback during the period the share price is inflated? Does that harm shareholders because the company is spending money to repurchase its stock, or does it actually further benefit them by potentially raising earnings per share (EPS)?” … Citation: William Lazonick, The Financialization of the U.S. Corporation: What Has Been Lost and How It Can Be Regained, 36 Seattle U. L. Rev. 857, 859 (2013) (noting that trillions of dollars are spent on share buybacks and that “corporate executives who make these decisions are themselves prime beneficiaries of this focus on rising stock prices as a the measure of corporate performance”)
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Article
Meet the "New Koch Brothers" – the Hedge Fund Activists Wrecking America’s Green New Deal
Mar 4, 2021
Wealthy predators are playing stock market games with companies needed to develop and produce clean technology
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Article
Mass Producing Covid-19 Vaccine
Feb 9, 2021
Capacity, Scale, and Control
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Podcasts
How the Study of Meaning-Making Will Enrich Economic Analysis
Feb 4, 2021
Robert Akerlof, economics professor at the University of Warwick, discusses his research into issues of self-esteem and values and how such a focus can greatly improve efforts to make sense of economic activity.
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News
Lazonick and Shin's INET funded research is cited in Naked Capitalism
Jan 26, 2021
“In taking over industrial companies, financial managers focus on the short run, because their salary and bonuses are based on current year’s performance. The “performance” in question is stock market performance. Stock prices have largely become independent from sales volume and profits, now that they are enhanced by corporations typically paying out some 92 percent of their revenue in dividends and stock buybacks.[6]” — Michael Hudson, Naked Capitalism [6]William Lazonick, “Profits Without Prosperity:Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off,”Harvard Business Review, September 2014. And more recently, Lazonick and 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(Oxford: 2020).
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Working Paper
Working Paper SeriesEmployment Mobility and the Belated Emergence of the Black Middle Class
Jan 2021
“Build back” means restoring the government and business investments in the productive capabilities of the U.S. labor force that created a growing middle class in the three decades after World War II
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Article
"Build Back Better" Needs an Agenda for Upward Mobility
Jan 5, 2021
How the dream of a middle class existence collapsed, first for Blacks, then for more and more white American workers and what the Biden administration could do to retrieve the situation.
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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.
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Article
Top Economist: Instead of Basic Income, Let’s Keep People Working Productively During the Crisis
Mar 25, 2020
William Lazonick emphasizes that keeping workers productively employed is key to economic recovery from Covid-19 as well as a healthy economic future
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Article
4 Ways to Eradicate the Corporate Disease That is Worsening the Covid-19 Pandemic
Mar 23, 2020
It’s time for business executives, employees, and taxpayers to come together to help get us out of the pandemic and create conditions for a sustainable and equitable future
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Webinars and Events
Labor, Technology and Growth
ConferenceTowards A Gini Negative Solution
Feb 27–28, 2020
What will empower a worker to be able to make greater demands on a profitable economy or employer? The answer may be summed up in one word: leverage.
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Article
Is the Most Unproductive Firm the Foundation of the Most Efficient Economy?
Jan 31, 2020
How Penrosian Learning Confronts the Neoclassical Fallacy
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Working Paper
Working Paper SeriesIs the Most Unproductive Firm the Foundation of the Most Efficient Economy? Penrosian Learning Confronts the Neoclassical Fallacy
Jan 2020
To get beyond the neoclassical fallacy, economists have to stop relying on constrained-optimization methodology
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Video
Banning Buybacks
Dec 4, 2019
Stock buybacks are giveaways for greedy investors at the expense of everyone else.
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Article
Financialization of the U.S. Pharmaceutical Industry
Dec 2, 2019
Pharmaceutical drugs are often a matter of life or death. It should be a prime objective of government policy to rid the industry of financialization.
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Video
The Hidden Costs of Healthcare
Nov 20, 2019
INET experts discuss how financialization has driven up costs of healthcare—and how we can stop it.
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Webinars and Events
Hidden Costs Of Healthcare
ConferenceNov 15, 2019
Increased financialization is driving healthcare costs and must be addressed in our nation’s public policy.
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Site Pages
Resources for the Media
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Article
After Over Three Decades, Rebel Economist Breaks Through to Washington. Here’s How He Did It.
Jul 1, 2019
The idea that businesses are run to maximize profits for shareholders is just plain wrong, says William Lazonick
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News
William Lazonick in The New Yorker
Jun 20, 2019
INET grantee William Lazonick is profiled in The New Yorker
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News
HuffPo Cites INET Stock Buyback Research
Apr 19, 2019
The Huffington Post features INET research on stock buybacks
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News
William Lazonick in the New York Times on Pharma CEO Pay
Feb 26, 2019
INET grantee William Lazonick’s research on drug pricing is featured in a New York Times op-ed
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Article
Don't “Buyback” Fair Labor Standards
Feb 20, 2019
We need to ban stock buybacks, while building a movement for basic economic rights
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News
Bill Lazonick Research in New York Times
Nov 19, 2018
William Lazonick’s INET research is featured in his New York Times op-ed
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Article
Apple’s “Capital Return Program”: Where Are the Patient Capitalists?
Nov 13, 2018
Instead of rewarding the taxpayers and employees who actually create value for the tech giant, Apple is doling out massive stock buybacks
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Article
Why Wages Are Stagnating in Latin America
Oct 19, 2018
William Lazonick has shown how the doctrine of “shareholder value” has hurt wages in the United States. But in Latin America, where family corporations dominate, the story is more complicated.
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News
American Prospect Features INET Pharma Research
Aug 27, 2018
The American Prospect highlights William Lazonick’s INET paper on US Pharma’s Financialized Business Model.
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News
Washington Post Features Bill Lazonick's Research
Aug 16, 2018
The Washington Post cites William Lazonick’s INET paper on shareholder value
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News
Vox Cites Bill Lazonick Research
Aug 15, 2018
Vox cites William Lazonick’s INET paper on shareholder value
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Article
The Rise of Hedge Fund Activism
Aug 3, 2018
How corporate raiders coopted “shareholder democracy” for their own ends
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News
CNN: Democrats Plan Crackdown on Booming Stock Buybacks
Mar 21, 2018
INET grantee William Lazonick explains why Sen. Tammy Baldwin is proposing to ban stock buybacks.
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YSI Event
YSI Latin America Convening
YSI
Regional ConveningJul 19–21, 2018
Young Scholars based in Latin America are invited to convene in Buenos Aires. The event serves to strengthen the Latin American network of new economic thinkers pursuing a new economic paradigm. Attendees will be able to enjoy several partner events during the same week.
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News
CNN: Are Stock Buybacks Deepening America's Inequality?
Mar 5, 2018
One of Wall Street’s favorite tools could be deepening the growing chasm between America’s rich and poor, according to INET grantee William Lazonick.
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Article
Stock Buybacks Hurt Workers and the Economy. We Should Ban Them.
Feb 27, 2018
Workers, innovation, and productivity all suffer when corporations spend their new U.S. tax breaks on stock buybacks.
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Article
INET Research in a Stressful Year
Feb 23, 2018
In the face of laissez-faire capitalism at home and resurgent nationalism across the globe, INET offers an innovative look at the causes of—and solutions for—the problems that ail a fissuring world economy.
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News
CNN: Tax cut scoreboard: Workers $6 billion; Shareholders $171 billion
Feb 16, 2018
INET grantee William Lazonick explains how the Trump tax cut is resulting in buybacks on Wall Street and bonuses for CEOs
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News
Washington Post: Don’t Let Pay Increases Coming Out of Tax Reform Fool You
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.
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Article
INET Grantee Lazonick’s Research Shapes DC Share Buyback Debate
Dec 22, 2017
Sen. Tammy Baldwin features arguments in questions to SEC nominees, pharmaceutical industry witness
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Working Paper
Conference paperInnovative Enterprise and Sustainable Prosperity
Oct 2017
We want an economy that generates stable and equitable growth—or what I call “sustainable prosperity.” We want productivity growth that makes it possible for the population to have higher living standards over time. We want an equitable sharing of the gains from productivity growth among those whose work efforts and financial resources contribute to that growth. And we want sufficient job stability to enable workers to remain in productive employment for some four decades at work while providing them with enough savings to provide them with adequate incomes over some two decades of retirement.
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Article
“Worse Than Big Tobacco”: How Big Pharma Fuels the Opioid Epidemic
Oct 10, 2017
Once again, an out-of-control industry is threatening public health on a mammoth scale
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Article
How Economists Turned Corporations into Predators
Oct 5, 2017
The Idea That Businesses Exist Solely to Enrich Shareholders Is Harmful Nonsense
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Working Paper
Working paperInnovative Enterprise Solves the Agency Problem
Oct 2017
The Theory of the Firm, Financial Flows, and Economic Performance
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Article
How “Shareholder Value” is Killing Innovation
Jul 31, 2017
The prevailing stock market ideology enriches value extractors, not value creators
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Working Paper
Working Paper SeriesUS Pharma’s Financialized Business Model
Jul 2017
Price gouging in the US pharmaceutical drug industry goes back more than three decades.
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Working Paper
Working Paper SeriesThe Functions of the Stock Market and the Fallacies of Shareholder Value
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.
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Article
Trump-Style Policies Will Deepen the “American Carnage”
Jun 20, 2017
Current proposals will worsen inequality and harm those Trump promised to protect—while further enriching the top 1%
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Article
How the U.S. New Economy Business Model has devalued science & engineering PhDs
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.
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Working Paper
CommentaryMarketization and Financialization
Apr 2017
How the U.S. New Economy Business Model Has Devalued Science and Engineering PhDs