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Podcast: The DemystifySci Podcast
Episode: How Shareholder Value Ideology Destroyed the Middle Class - Dr. William Lazonick, UMass - DSPod #308
Description: 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...