Podcast appearances and mentions of william lazonick

Dr. William Lazonick is an economist who studies innovation and competition in the global economy, who has recently been focusing on the corrosive role of stock buybacks. We invited him on to explain why this widespread financial practice is such a bad idea in his eyes, and in return were provided with a comprehensive model of what makes a successful economy. In short, Lazonick believes that no economic system can survive without "the firm," the kind of old school corporate organization that maintained a stable a social contract with its workers, sometimes over the course of an entire lifetime. In Lazonick's view, all economic growth and progress comes down to the ability of the firm to honor that social contract, which means he traces the slump we're in to the death of this tradition. But the question is, what caused us to become eternally itinerant workers in search of global opportunties, hopping from job to job every few years? Lazonick's got that answer, too. He points to a radical transformation of our financial and economic system that came to a head in the 1970s. PATREON: get episodes early + join our weekly Patron Chat https://bit.ly/3lcAasB MERCH: Rock some DemystifySci gear : https://demystifysci.myspreadshop.com/ AMAZON: Do your shopping through this link: https://amzn.to/3YyoT98 SUBSTACK: https://substack.com/@UCqV4_7i9h1_V7hY48eZZSLw@demystifysci FURTHER READING Eric Williams: Capitalism and Slavery (https://amzn.to/4gvd0rW) Alfred Marshall: Principles of Economics (https://amzn.to/49AnpR9) John Kenneth Galbraith: The Great Crash (https://amzn.to/4iuykQp) Edwin Black: IBM and the Holocaust (https://amzn.to/4gwFce8) Milton Friedman: The Social Responsibility of a Business is to Increase Profits (https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html) (00:00) Go!(00:09:21) The Study of Economics: Integrating History and Theory(00:15:21) Capitalism, Innovation, and Economic Growth(00:29:27) Shift from Feudalism to Corporate Structures(00:37:00) Global Capital and Industrial Revolution(00:41:28) Transition to Large Firms in America(00:49:12) Evolution of U.S. Steel and Stock Market's Role(00:52:05) Venture Capital and Initial Public Offerings(00:59:12) Corporate Financial Strategies Pre-Depression(01:03:00) Stock Buybacks and Modern Corporate Strategies(01:09:40) Rise of Mass Unionization(01:20:14) Stock Market Roles and Corporate Control(01:31:10) Managerial Strategy Shifts(01:41:06) Technological Shifts and Corporate Adaptation(01:51:13) Rise of Silicon Valley and Corporate Strategy(01:56:23) Evolution of the Tech Industry(02:02:47) Shareholder Value Ideology(02:18:40) Shift in Investment Strategies(02:26:02) Corporate Focus on Stock Buybacks(02:32:00) Mechanics of Stock Buybacks(02:37:14) Financialization and Market Effects #CorporateHistory, #StockBuybacks, #ShareholderValue, #StockMarket, #Innovation, #EconomicGrowth, #IndustrialRevolution, #TechnologyTrends, #MiddleClassDecline, #SiliconValley, #ShareholderValue, #CorporateCulture, #Unionization, #EconomicInequality, #ModernEconomy, #USEconomy, #LaborMarket, #HumanCapital, #EconomicDecline, #1970sEconomy, #CorporateCollapse,#WealthInequality, #1980sEconomy, #FinancializationCrisis, #StockMarketImpact, #SiliconValleyStory, #VentureCapital, #StartupCulture, #TechInnovation, #Microelectronics, #TechHistory, #CorporateAdaptation, #ShareholderValue, #CorporateStrategy, #MiltonFriedman, #EconomicPolicy, #FinancialMarkets, #CorporateFinance, #StockBuybackDebate, #EconomicAnalysis, #sciencepodcast, #longformpodcast

This episode was originally published on August 28th, 2023. Listen to Monopoly 1 - Lost in the Supermarket and Monopoly 17 - Food FightIn the past several years, Loblaws, Metro and Empire have spent billions on their own stock – And at a time of food price inflation and grocery workers on strike. Why are they doing it? And why do some economists say stock buybacks should be abolished? Featured in this episode: William Lazonick, professor emeritus of economics at University of MassachusettsJim Stanford, director of the Centre for Future Work Further reading:Profits Without Prosperity, William Lazonick, Harvard Business Review“The American disease': Canadian companies pouring cash into stock buybacks as backlash grows abroad, Geoff Zochodne, Financial PostStriking Metro workers say they face challenges affording the very food they sell, Canadian Press Host: Jesse Brown Credits: Cherise Seucharan (Reporter), Jonathan Goldsbie (News Editor), Tristan Capacchione (Audio Editor and Technical Producer), Bruce Thorson (Senior Producer), Annette Ejiofor (Managing Editor), Karyn Pugliese (Editor-in-Chief)Sponsors: Douglas, AG1If you value this podcast, Support us! You'll get premium access to all our shows ad free, including early releases and bonus content. You'll also get our exclusive newsletter, discounts on merch, tickets to our live and virtual events, and more than anything, you'll be a part of the solution to Canada's journalism crisis, you'll be keeping our work free and accessible to everybody. You can listen ad-free on Amazon Music—included with Prime. Hosted on Acast. See acast.com/privacy for more information.

In the past several years, Loblaws, Metro and Empire have spent billions on their own stock - And at a time of food price inflation and grocery workers on strike. Why are they doing it? And why do some economists say stock buybacks should be abolished? Featured in this episode: William Lazonick, professor emeritus of economics at University of MassachusettsJim Stanford, director of the Centre for Future WorkFurther reading:Profits Without Prosperity, William Lazonick, Harvard Business Review“The American disease': Canadian companies pouring cash into stock buybacks as backlash grows abroad, Geoff Zochodne, Financial PostStriking Metro workers say they face challenges affording the very food they sell, Canadian PressHost: Jesse Brown Credits: Cherise Seucharan (Reporter), Jonathan Goldsbie (News Editor), Tristan Capacchione (Audio Editor and Technical Producer), Bruce Thorson (Senior Producer), Annette Ejiofor (Managing Editor), Karyn Pugliese (Editor-in-Chief)Sponsors: Douglas, Canva, SquarespaceIf you value this podcast, support us! You'll get premium access to all our shows ad free, including early releases and bonus content. You'll also get our exclusive newsletter, discounts on merch at our store, tickets to our live and virtual events, and more than anything, you'll be a part of the solution to Canada's journalism crisis, you'll be keeping our work free and accessible to everybody.You can listen ad-free on Amazon Music—included with Prime. Hosted on Acast. See acast.com/privacy for more information.

A “license to loot” is what our guest, economist William Lazonick, calls stock buybacks. Until the Reagan Revolution, stock buybacks were considered market manipulation and at the very least are an unproductive use of profits used only to pump up the stock price and enrich upper management, while neglecting workers' wages, capital expansion, and innovation. Ralph and Professor Lazonick break it all down for you.William Lazonick is Professor Emeritus of Economics at the University of Massachusetts Lowell. His recent work includes Predatory Value Extraction: How the Looting of the Business Corporation Became the US Norm and How Sustainable Prosperity Can Be Restored,  and the forthcoming book Investing in Innovation: Confronting Predatory Value Extraction in the U.S. Corporation.The ideology that enables buybacks, that makes a lot of people including economists say, “Oh, they're just fine. The money's just going to the economy,” is what I call the myth of the market economy—the way in which we get capital formation in the economy is just by money zipping around. But it doesn't work that way. The money has to stop somewhere.William LazonickIt's not because the United States does not have the capability to do these things— the capability is in the wrong hands. And it's being wasted and destroyed. So it's not simply the amount of money that's making people rich. But those people who are getting rich are actually getting rich by helping to destroy the industrial base of the United States, including the middle class.William LazonickThese giant companies— these US companies that grew in the USA on the back of their workers, went to Washington for subsidies or bailouts when they were greedy or in trouble, and had the US Marines defend them around the world— are not only disinvesting on a massive scale in the necessities for a productive economy. But they are engaging in the ironic trend that can be called the corporate destruction of capitalism, whose base, in essence, is investment.Ralph NaderWhile these corporate bosses insist on massive domination of our political economy—from Washington to Wall Street— they're not delivering. For the economy, for the workers, for the people who are trying to make it through every day and protect their families and their descendants. In behaving this way, they have reached a historic level of conflict of interest with their own companies.Ralph Nader Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe

William Lazonick, professor emeritus of economics at the University of Massachusetts and co-founder and president of the Academic-Industry Research Network, joins us to discuss pharmaceutical companies, executive pay, stock buybacks, and more. Read more here: https://www.ineteconomics.org/perspectives/blog/sick-with-shareholder-value-us-pharmas-financialized-business-model-during-the-pandemic

Reducing prices for key prescription drugs in the United States is always a challenge. But fresh analysis from the New Institute for Economic Thinking finds that the status quo will remain largely intact unless pharmaceutical companies sever executive pay from stock price performance and the companies are banned from stock buybacks, among other reforms. We speak with William Lazonick, professor emeritus of economics at the University of Massachusetts and co-founder and president of the Academic-Industry Research Network. Read more https://www.ineteconomics.org/perspectives/blog/sick-with-shareholder-value-us-pharmas-financialized-business-model-during-the-pandemic

* Amid Haiti Crisis Civil Society Groups Oppose Foreign Intervention; Jemima Pierre, co-coordinator of the Black Alliance for Peace team on Haiti; Producer: Scott Harris. * Big Oil Stock Buy Backs Must be Stopped; William Lazonick, professor emeritus of Economics at the University of Massachusetts; Producer: Scott Harris. * Biden Urged to Restart Mountain Top Removal Coal Mining Health Study Halted by Trump; Michael Hendryx, professor emeritus at the University of Indiana's School of Public Health; Producer: Melinda Tuhus.

Ralph welcomes econ professor William Lazonick, to let us know how Apple reached its record 3 trillion-dollar valuation and how what they and other large corporations are doing to enrich themselves is killing the middle class. Plus, Ralph answers more of your questions.  

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.

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.

The DOJ's Move to Protect Voting Rights Could Be Undone Next Week By the Supreme Court | A New Ecocide Law To Hold Governments and Corporations Responsible for Environmental Crimes | Corporate America's Failure to Invest in the Future Is Even Worse Than the Government's backgroundbriefing.org/donate twitter.com/ianmastersmedia facebook.com/ianmastersmedia

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William Lazonick (University of Massachusetts) PhD economists almost invariably teach students that the most unproductive firm is the foundation of the most efficient economy. It’s called “perfect competition”, but it’s perfect nonsense. As Joseph Schumpeter put it in Capitalism, Socialism and Democracy (1942): “Perfect competition is not only impossible but inferior, and has no title to being set up as a model of ideal efficiency.” Professor Lazonick explains why economists teach this absurd theory of the firm and its debilitating implications for understanding how the economy functions and performs. He then argues that everyone (and not just economists) needs a theory of innovative enterprise. Speaker biography: William Lazonick is President of the Academic-Industry Research Network and University of Massachusetts Professor of Economics Emeritus. 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. He has professorial affiliations with SOAS University of London and Institut Mines-Télécom in Paris. He earned a B.Com. (Commerce and Finance) at the University of Toronto, M.Sc. (Economics) at London School of Economics, and Ph.D. (Economics) at Harvard University. Uppsala University and University of Ljubljana have awarded him honorary doctorates. Lazonick’s research focuses on the social conditions of innovation, socioeconomic mobility, employment opportunity, income distribution, and economic development in advanced and emerging economies. His forthcoming book, with Jang-Sup Shin, is Predatory Value Extraction: How the Looting of the US Business Corporation Became the US Norm and How Sustainable Prosperity Can Be Restored (Oxford University Press). Organised by the Industrial Development and Policy Research Cluster. Chaired by Antonio Andreoni. Speakers: William Lazonick (University of Massachusetts), Antonio Andreoni (SOAS) Released by: SOAS Economics Podcasts

Ralph welcomes Washington Post business columnist, Steven Pearlstein, who asks the question, “Can American Capitalism Survive?” And economist William Lazonick tells us how Boeing management buying back its own stock contributed to the decisions that led to the crashes of the 737 MAX 8.

on today's show… Professor of Economics, William Lazonick, will be here to explain how Boeing Executives made decisions that would put profits over safety. Heather “Digby” Parton from Salon join me to analyze all the big news stories from this week.

Fueled by the lower corporate tax rate share buybacks among S&P 500 companies shot to a fourth consecutive record in the last quarter of 2018. Wharton's Jeremy Siegel and William Lazonick of the University of Massachusetts look at the impact. See acast.com/privacy for privacy and opt-out information.

The surge in US corporate buybacks to all-time highs in 2018 has generated public debate about the effects of buybacks on workers, companies, and the economy. We speak with William Lazonick, prof. at the University of Massachusetts, about the concerns driving this debate, at the core of which is the notion that buybacks come at the expense of investment. But GS portfolio strategists see little evidence of this. Aswath Damodaran, prof. at the NYU Stern School of Business, argues that’s because buybacks redirect—rather than reduce—investment, and trapping cash in firms that don’t have a good use for it instead would harm their competitiveness. More broadly, Steven Davis, prof. at The Chicago Booth School of Business, explains that such an inefficient allocation of resources would shrink the size of the economic “pie” and likely reinforce the unequal distribution of it. As for market impacts, we conclude that banning buybacks would likely lead to lower and more volatile US equity markets.

Nick, Goldy, and their guests William Lazonick and Lenore Palladino explain why "shareholder value maximization" is the world's dumbest idea.  William Lazonick: Professor of economics at University of Massachusetts Lowell, visiting Professor at University of Ljubljana, professeur associé at Institut Mines-Télécom in Paris, and professorial research associate, SOAS, University of London. His book ‘Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States’ won the 2010 Schumpeter Prize, and he has written extensively on corporate profits. Twitter: @Lazonick Lenore Palladino: Senior Economist and Policy Counsel at the Roosevelt Institute, where she brings expertise to Roosevelt’s work on inequality and finance. Her research and writing focuses on financial reform, financial taxation, labor rights, and financial crises. Her publications have appeared in The Nation, The New Republic, State Tax Notes, and other venues.  Twitter: @lenorepalladino Further reading:  https://www.brookings.edu/research/stock-buybacks-from-retain-and-reinvest-to-downsize-and-distribute/ https://hbr.org/2014/09/profits-without-prosperity/ http://rooseveltinstitute.org/ending-shareholder-primacy-corporate-governance/ http://rooseveltinstitute.org/rewriting-rules-take-aim-stock-buybacks-and-force-companies-invest-their-workers-stop-walmart-act/ http://rooseveltinstitute.org/what-wells-fargos-40-6-billion-stock-buybacks-could-have-meant-its-employees-and-customers/ http://rooseveltinstitute.org/towards-accountable-capitalism/  Learn more about your ad choices. Visit megaphone.fm/adchoices

Economics Professor, William Lazonick, will join us to explain stock buybacks and why Senators Sanders and Schumer have teamed up to limit corporations from doing it. And Heather “Digby” Parton from Salon join me to analyze the biggest news of the week

This week a bumper-packed Tour d'Horizon/Tour de Force. William Lazonick is best known for his iconic “2014 Harvard Business Review's best article” Profits Without Prosperity: Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off His ...

The pharmaceutical industry has long argued that high drug prices are necessary to incentivize investment in and fund high-risk research and development of innovative new therapies. In a working paper published by the Institute for New Economic Thinking, William Lazonick, professor of Economics at the University of Massachusetts Lowell, and his colleagues challenge the industry's premise. They argue that top pharmaceutical companies, spend more of their profits on buying back their shares to boost their stock prices than they do on R&D, a move that enriches senior executives. We spoke to Lazonick about the paper, why he believes this so-called financialized business model is counterproductive to innovation, and what steps he thinks are necessary to change the landscape.

Prof. Bill Lazonick. We can define economic development as sustained productivity growth that is equitably shared among the population on a stable basis. Underpinning economic development are innovation processes that, by generating higher quality products at lower unit costs, can raise standards of living. In general, investment in these innovation processes is carried out by business enterprises that must compete for markets to survive. The foundation of a theory of economic development is, therefore, a theory of innovative enterprise. In this lecture, I will lay out the key concepts – strategic control, organizational integration, and financial commitment – in the theory of innovative enterprise to provide a framework for analyzing the social conditions that enable innovation to occur. Then I will discuss the implications of the theory of innovative enterprise for understanding productivity growth, income distribution, and employment stability in a national economy as a whole. Finally, drawing on the history of economic development over the past century, I will highlight changes over time and across nations in the characteristics of innovative enterprise and, relatedly, national paths to equitable and stable economic growth. William Lazonick is professor of economics and director of the Center for Industrial Competitiveness at University of Massachusetts Lowell. He is co-founder and president of The Academic-Industry Research Network. He is the author or editor of 13 books, including Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (2009) winner of the 2010 International Joseph A. Schumpeter Prize. His article, "Innovative Business Models and Varieties of Capitalism," received the Henrietta Larson Award from Harvard Business School for best article in Business History Review in 2010. His Harvard Business Review article “Profits Without Prosperity: Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off” received the HBR McKinsey Award for outstanding article in Harvard Business Review in 2014. Lazonick is currently completing a book, The Theory of Innovative Enterprise, to be published by Oxford University Press. The Public debate will be chaired by Antonio Andreoni and animated by IDP members and fellows including Mushtaq Khan, Chris Cramer, Ben Fine, Machiko Nissanke, Carlos Oya, Massoud Karshenas, Christine Oughton, Robert Wade (LSE), Akbar Noman (Columbia University, IPD) Mike Best (Mass Lowell), Moazam Mahmood (International Labour Organisation) and representatives from BNDES, London Office Speaker(s): Bill Lazonick (University of Massachusetts Lowell), Antonio Andreoni (SOAS) Event Date: 30 June 2015 Released by: SOAS Economics Podcast