The Academic-Industry Research Network – theAIRnet – is a private, 501(c)(3) not-for-profit research organization devoted to the proposition that a sound understanding of the dynamics of industrial development requires collaboration between academic scholars and industry experts. We engage in up-to-date, in-depth, and incisive research and commentary on issues related to industrial innovation and economic development. Our goal is to understand the ways in which, through innovation, businesses and governments can contribute to equitable and stable economic growth – or what we call “sustainable prosperity”. (read more)
THE RESEARCH These buybacks may increase stock prices in the short term, but in the long term they undermine income equality, job stability, and growth. The buybacks mostly serve the interests of executives, much of whose compensation is in the form of stock.
THE SOLUTION Corporations should be banned from repurchasing their shares on the open market. Executives’ excessive stock-based pay should be reined in. Workers and taxpayers should be represented on corporate boards. And Congress should reform the tax system so that it rewards value creation, not value extraction.
In his latest article on April 9, 2016, Agence France Presse (AFP) business correspondent Luc Olinga cites and quotes Bill Lazonick’s […]
Election 2016: Hillary Clinton Says Her Vote For Wall Street Bailout Shows Her Support For Auto Workers
By David Sirota and Andrew Perez, International Business Times, March 8, 2016 “After taxpayer cash and pension cuts helped stabilize the […]
Drug companies’ perennial claim that high prices are key to funding innovation is exposed as a smokescreen for disproportionate payouts […]
By Owen Davis, International Business Times, February 3, 2016 – But does focusing on “short-termism” allow executives to avoid discussing […]
* Öner Tulum and William Lazonick, “Financialized Corporations in a National Innovation System: The US Pharmaceutical Industry” AIR Working Paper: #19-02/01
* William Lazonick, “How Stock Buybacks Make Americans Vulnerable to Globalization” AIR Working Paper: #16-03/01
* William Lazonick, “Innovative Enterprise or Sweatshop Economics? In Search of Foundations of Economic Analysis” AIR Working Paper: #15-11/01
* William Lazonick, “The Theory of Innovative Enterprise: A Foundation of Economic Analysis” AIR Working Paper: #13-02/01 (Revised August 2015)
* William Lazonick, Matt Hopkins and Ken Jacobson “The Burger Buyback King: McDonald’s Stock-Price Manipulation Makes Most Americans Worse Off ” AIR Working Paper #15-05/01
* William Lazonick “Labor in the Twenty-First Century: The Top 0.1% and the Disappearing Middle-Class” AIR Working Paper #14-08/01 (Revised February 2015)