Economic InquiryVolume 16, Issue 2 p. 157-169 THE FUTURE AND THE PRESENT IN ECONOMIC LIFE KENNETH J. ARROW, KENNETH J. ARROW *James Bryant Conant University Professor, Harvard University. This paper is dedicated to Armen Alchian, on the occasion of his sixtieth birthday and was originally read at a celebration of that happy event. I have learned much from Armen over the years on the subtle interactions of the market and the organization of economic activity in general and have enjoyed his friendship. It is a delight to celebrate his achievements to date, while awaiting new ones.Search for more papers by this author KENNETH J. ARROW, KENNETH J. ARROW *James Bryant Conant University Professor, Harvard University. This paper is dedicated to Armen Alchian, on the occasion of his sixtieth birthday and was originally read at a celebration of that happy event. I have learned much from Armen over the years on the subtle interactions of the market and the organization of economic activity in general and have enjoyed his friendship. It is a delight to celebrate his achievements to date, while awaiting new ones.Search for more papers by this author First published: April 1978 https://doi.org/10.1111/j.1465-7295.1978.tb00278.xCitations: 44 AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Citing Literature Volume16, Issue2April 1978Pages 157-169 RelatedInformation