Herman Daly, Ph.D., delivers the keynote address the recent AMS workshop on Federal Climate Policy. He explores the distinction between economic growth —a quantitative increase in size that is constrained by the physical limits of the Earth system—and economic development—a qualitative improvement in our state of being. In so doing, he helps identify design principles for climate policy that can enhance environmental protection, benefit the economy, and promote political feasibility. Daly is a professor in the School of Public Affairs at the University of Maryland. Previously he served as Senior Economist in the Environment Department at the World Bank, where he helped develop policy guidelines related to sustainable development. He has received numerous awards including the Honorary Right Livelihood Award, Sweden's alternative to the Nobel Prize.