▁source ▁of ▁income ▁was ▁not ▁occupation , ▁but ▁government ▁w elf are . ▁ ▁Stock ▁buy back s ▁Writing ▁in ▁the ▁Harvard ▁Business ▁Review ▁in ▁September ▁ 2 0 1 4 , ▁William ▁L azon ick ▁bl amed ▁record ▁corpor ate ▁stock ▁buy back s ▁for ▁reduced ▁invest ment ▁in ▁the ▁economy ▁and ▁a ▁corresponding ▁impact ▁on ▁prosper ity ▁and ▁income ▁inequality . ▁ ▁Between ▁ 2 0 0 3 ▁and ▁ 2 0 1 2 , ▁the ▁ 4 4 9 ▁companies ▁in ▁the ▁S & P ▁ 5 0 0 ▁used ▁ 5 4 % ▁of ▁their ▁ear nings ▁($ 2 . 4 ▁tr ill ion ) ▁to ▁buy ▁back ▁their ▁own ▁stock . ▁ ▁An ▁additional ▁ 3 7 % ▁was ▁paid ▁to ▁stock hold ers ▁as ▁divid ends . ▁T ogether , ▁these ▁were ▁ 9 1 % ▁of ▁prof its . ▁This ▁left ▁little ▁for ▁invest ment ▁in ▁product ive ▁capabilities ▁or ▁higher ▁income ▁for ▁employees , ▁sh ifting ▁more ▁income ▁to ▁capital ▁rather ▁than ▁labor . ▁ ▁He ▁bl amed ▁executive ▁compens ation ▁arrang ements , ▁which ▁are ▁heavily ▁based ▁on ▁stock ▁options , ▁stock ▁awards ▁and ▁bon uses ▁for ▁meeting ▁ear nings ▁per ▁share ▁( E PS ) ▁targets ▁( E PS ▁increases ▁as ▁the ▁number ▁of ▁out standing ▁shares ▁decre ases ). ▁Rest rict ions ▁on ▁buy back s ▁were ▁greatly ▁e ased ▁in ▁the ▁early ▁ 1 9 8 0 s . ▁He ▁advoc ates ▁changing ▁these ▁in cent ives ▁to ▁limit ▁buy back