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William Lazonick
William Lazonick (born in Toronto, Canada, on June 8, 1945) is an economist who studies innovation and competition in the global economy. His research seeks to understand how, on the basis of innovative enterprise, a national economy can achieve stable and equitable economic growth. Lazonick is the originator of “the theory of innovative enterprise”, which, he argues, provides both an essential intellectual foundation for understanding economic performance and a fundamental critique of the neoclassical theory of the market economy. Much of his current work focuses on how the financialization of the U.S. industrial corporation, manifested in massive distributions of corporate cash to shareholders and the explosion of stock-based executive pay, results in employment instability and income inequity, while undermining the innovative capability of the U.S. economy. He also conducts cross-national comparative research on the social conditions that enable or proscribe innovative enterprise, focusing in particular on the economies of Britain, Japan, and China as well as the United States.
==Higher Education==
Lazonick was an undergraduate in Commerce and Finance at the University of Toronto, receiving a Bachelor of Commerce degree in 1968. He then attended the London School of Economics, where he was awarded a Master of Science (Economics) degree, with a Mark of Distinction, in 1969. Lazonick spent one year as a graduate student at the Graduate Institute of International Studies in Geneva before entering the PhD program in economics at Harvard University in 1970. At Harvard, Lazonick joined a large number of graduate students and faculty members who, as “radical economists”, were mounting a critique of the dominant neoclassical theory of the market economy. For his doctoral thesis, he studied the applicability of Karl Marx’s theory of capitalist development to the British Industrial Revolution, the experience that formed the empirical basis for Marx’s arguments.〔William Lazonick, Marxian Theory and the Development of the Labor Force in England, PhD dissertation, Harvard University, 1975.〕
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