Corporate Governance and Corporate Employment: Is Prosperity Sustainable in the United States?

No. 183

Posted: 8 Sep 1997

See all articles by William Lazonick

William Lazonick

University of Massachusetts Lowell; The Academic-Industry Research Network; Instiitute for New Economic Thinking

Mary O'Sullivan

University of Pennsylvania - Management Department

Date Written: January 1997

Abstract

If sustainable prosperity is the objective, proposals to reform the corporate governance system must be based on a theory of the innovative enterprise. Without such a theory, stakeholder arguments run the risk of encouraging other groups, besides stockholders, to become claimants to a given, and even diminishing pool of returns. To avoid such a political and economic stalemate requires a conception of how investments in people working together in organizations can generate the returns in international contributions to the corporate governance debate, economists must shed the shackles - both methodological and ideological -- of an economic theory that was never designed to understand how an economy develops, and build their own capabilities for analyzing the processes of industrial innovation, international competition, and the social foundations of sustainable prosperity.

JEL Classification: G30

Suggested Citation

Lazonick, William and O'Sullivan, Mary A., Corporate Governance and Corporate Employment: Is Prosperity Sustainable in the United States? (January 1997). No. 183, Available at SSRN: https://ssrn.com/abstract=11127

William Lazonick (Contact Author)

University of Massachusetts Lowell ( email )

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The Academic-Industry Research Network ( email )

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Instiitute for New Economic Thinking ( email )

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Mary A. O'Sullivan

University of Pennsylvania - Management Department ( email )

The Wharton School
Philadelphia, PA 19104-6370
United States
+1 (215) 898-6502 (Phone)
+1 (215) 898-0401 (Fax)

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