Myths That Built Trickle-Down Economics: Shareholder Value (with William Lazonick and Lenore Palladino)

Pitchfork Economics with Nick Hanauer · Jun 30, 2026 · 47m

This week, we’re continuing our archive miniseries, Myths That Built Trickle-Down Economics, with the myth that corporations exist to maximize shareholder value.

For decades, Americans were sold the idea that if corporations focused on boosting stock prices and rewarding shareholders, prosperity would trickle down to workers, consumers, and communities. Instead, shareholder primacy helped justify stock buybacks, wage suppression, layoffs, and underinvestment — extracting wealth from the real economy and funneling it upward.

In this episode, Nick and Goldy talk with William Lazonick and Lenore…