“Most of the big banks were shot through with short-termism, deceptive practices and self-dealing. We must institute basic changes in corporate governance and in management practice to restore responsibility and honesty for the sake of the economy and for the self-respect of the country.”

American economist

Edmund Strother Phelps is an American economist and Nobel laureate. He received the 2006 Nobel Memorial Prize in Economic Sciences. Phelps is best known for his work in economics, especially the research that led to his Nobel recognition. His writing and public remarks often reflect economic theory and the forces that shape markets, inflation, and employment.