In this discussion, William Lazonick, a noted professor emeritus of economics and co-founder of the Academic-Industry Research Network, dives deep into the pitfalls of shareholder capitalism. He explains how stock buybacks stifle tech innovation, replacing genuine progress with value extraction. Lazonick critiques corporate strategies, particularly in firms like Apple, and advocates for legislative reforms to prioritize sustainable practices. He emphasizes the urgent need for grassroots movements to empower workers and tackle economic inequality in the face of stagnation.

William Lazonick, professor emeritus of economics at University of Massachusetts discusses the controversy surrounding stock buybacks in the grocery sector, focusing on Canada's big grocery chains and their profit margins. He highlights the significant size and expansion of stock buyback programs of Loblaws, Metro, and Sobs, amounting to over $3 billion. The podcast also delves into the struggles of grocery workers who are demanding fair wages amidst high profits. It explores the legality, profitability, and history of stock buybacks, as well as their impact on economic growth, employees, and customers. The origins of the concept of maximizing shareholder value and the self-serving nature of buybacks are also examined. Finally, the chapter analyzes tax policies and makes a plea for listener support.