This article summarizes an October 2006 conference held by the Federal Reserve Bank of Chicago and the Midwest Higher Education Compact on higher education's role in economic growth. Conference speakers included Richard Lester from MIT, Michael Luger of the University of North Carolina, Ned Hill of Cleveland State, Sean Safford of the University of Chicago, Larry Isaak of the Midwest Higher Education Compact, and Randy Eberts of the Upjohn Institute.