If you don't like using the keyboard:
* Right click on the title bar, choose "Customize Toolbar..." and drag the "Path" option to your toolbar. You'll then have a dropdown button to navigate to the parent and any ancestor of the current folder.
* Alternately, you can choose "Show Path Bar" in the View menu, and it will display your path at the bottom of the window. (You have to double click on an entry to go to it.)