Good economic policy requires not so much the bravado to implement drastic change as the strength and wisdom to make reasonable trade-offs over the many years it takes to transform a country's standard of living.

In Jamaica, you're never very far away from people who don't have very much, and in Wilmette, pretty much everybody had a lot.

As an economist, I'm aware that life is full of trade offs.

You can actually make a lot of money and do a lot of good in the world. I don't see those things as being in opposition to one another. I never have.

Between 2001 and 2011, Brazil lifted 20 million people out of poverty and into its growing middle class, and in the last quarter of the twentieth century Botswana's gross domestic product per capita grew faster than that of any other country on the planet. The once-labeled 'Third World' is edging its way into the 'First World.'

I think my wife would take objection to any characterization of me as perfect.

Business is one of the most powerful institutions on Earth for creating wealth and opportunity and helping to lift people out of poverty. When you think about it that way, then business is not separate from development policy.

Economic growth creates jobs, and countries grow when they educate their people and pursue policies that encourage households to save, existing businesses to invest, and entrepreneurs to innovate and create new markets.

A government decision that slashes spending at the wrong time and sends a weak economy into a tailspin can be just as undisciplined as one that unleashes a wasteful spending spree in an overheated environment.