Lazonick’s research focuses on the social conditions of innovation and economic development in advanced and emerging economies.
Recent working papers and publications:Predatory Value Extraction: How the Looting of the Business Corporation Became the US Norm and How Sustainable Prosperity Can Be Restored, with Jang-Sup Shin, Oxford University Press, 2020How ‘Maximizing Shareholder Value’ Minimized the Ventilators in the Strategic National Stockpile, with Matt Hopkins, Institute for New Economic Thinking Working Paper No. 127, July 2020,Earnings and Employment of African Americans Fifty Years After: Progress? with Philip Moss and Joshua Weitz, Institute for New Economic Thinking Working Paper No. 129, June 2020,How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class, with Philip Moss and Joshua Weitz, Institute for New Economic Thinking Working Paper No. 125, June 2020,Is the Most Unproductive firm the Foundation of the Most Efficient Economy? Penrosian Learning Confronts the Neoclassical Fallacy, Institute for New Economic Thinking Working Paper No.111, January 2020.“Financialization of the U.S. pharmaceutical industry,” with Öner Tulum, Matt Hopkins, Mustafa Erdem Sakinç, and Ken Jacobson, Institute for New Economic Thinking Perspectives, December 2, 2019.“Make Passengers Safer? Boeing just made shareholders richer,” The American Prospect, with Mustafa Erdem Sakinç, May 31, 2019.“The Value-Extracting CEO: How Executive Stock-Based Pay Undermines Investment in Productive Capabilities,” Structural Change and Economic Dynamics, 48, 2019: 53-68.“Financialized Corporations in a National Innovation System: The US Pharmaceutical Industry,” co-authored with Öner Tulum, International Journal of Political Economy, 47, 3-4, 2018: 281-316. “Comments on Gary Pisano, “Toward a prescriptive theory of dynamic capabilities: Connecting strategic choice, learning, and competition,” Industrial and Corporate Change, 27, 6, 2018: 1161-1174.“The New Normal is ‘Maximizing Shareholder Value’: Predatory Value Extraction, Slowing Productivity, and the Vanishing Middle Class,” International Journal of Political Economy, 46, 4, 2017: 217-226.“Innovative Enterprise or Sweatshop Economics? In Search of Foundations of Economic Analysis,” Challenge, 59, 2, 2016: 65-114.Recent comments and opinion pieces:“The $5.3 trillion question behind the Covid-19 failure,” with Matt Hopkins, The American Prospect, July 27, 2020.“There can be no equality without a dramatic renewal of employment opportunity for all American workers,” with Philip Moss and Joshua Weitz, Institute for New Economic Thinking Perspectives, July 16, 2020.How the disappearance of unionized jobs obliterated an emergent black middle class,” with Philip Moss and Joshua Weitz, Institute for New Economic Thinking Perspectives, June 15, 2020.“With working Americans’ survival at stake, the US is bailing out the richest,” with Morris Pearl, The Guardian, April 13, 2020“CEOs gorged on buybacks for years, now they want bailouts,” Barron’s, March 26, 2020“Top economist: Instead of basic income, let’s keep people working productively during the crisis,” interviewed by Lynn Parramore, Institute for New Economic Thinking Perspectives, March 25, 2020.“4 ways to reeducate the corporate disease that is worsening the Covid-19 pandemic,” Institute for New Economic Thinking Perspectives, with Matt Hopkins, Ken Jacobson, Lenore Palladino, Mustafa Erdem Sakinç, and Öner Tulum, March 23, 2020. “How Penrosian learning confronts the neoclassical fallacy,” Institute for New Economic Thinking Perspectives, January 31, 2020.“Worried about US inequality? Ban stock buybacks to end the looting of corporations,” Business and Human Rights Resources Center, January 28, 2020."US pharma companies need price regulation amid focus on stock prices and executive pay,” Business and Human Rights Resource Center, January 15, 2020.“Why stock buybacks are dangerous for the economy,” with Mustafa Erdem Sakinç and Matt Hopkins, Harvard Business Review, January 7, 2020.“Banning buybacks,” animated video, Institute for New Economic Thinking, December 4, 2019.“The claims of the community,” comment on Lenore Palladino, “The American corporation is in crisis—Let’s rethink it,” Boston Review, October 2, 2019.“Stock buybacks threaten economic growth,” interviewed by Michelle Celarier, Worth, September 26, 2019.“Buyback Realities,” Top of Mind, Interviewed by Allison Nathan, Goldman Sachs Global Macro Research, Issue 77, April 11, 2019.“How stock buybacks undermine sustainable prosperity,” The American Prospect, with Ken Jacobson, March 13, 2019.“How high drug prices inflate C.E.O.s’ pay,” New York Times, with Öner Tulum. February 26, 2019“The secret of Amazon’s success,” New York Times, November 19, 2018.“Apple’s ‘Capital Return Program’: Where are the patient capitalists?” Institute for New Economic Thinking Blog, November 13, 2018.“End stock buybacks, save the economy,” New York Times, with Ken Jacobson, August 23, 2018.“The curse of stock buybacks” The American Prospect, June 25, 2018.“Stock buybacks hurt workers and the economy. We should ban them,” Institute for New Economic Thinking Blog, February 27, 2018.“Congress can turn the Republican tax cuts into new middle-class jobs,” The Hill, February 7, 2018.“Don’t let pay increases coming out of tax reform fool you,” with Rick Wartzman,” Washington Post, February 5, 2018.
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.