Richard Arena accorded a central role to history within economic inquiry, encompassing both the history of economic facts and the history of economic thought. Historical economics integrates these two domains, making history an essential modality of economic theorization. The conjunction of what Schumpeter referred to as “historical analysis” and “reasoned history” allows for the development of a historical dynamic that facilitates the theorization of historical evolution, the consideration of successive historical periods, comparative historical analysis, and even the forecasting of conjunctural trends. In short, history matters—albeit in multiple, nuanced ways. Nevertheless, temporal forays into the past demand great caution from the intellectual traveler, lest they fall prey to the perils of historical reference evoked by Nietzsche or Valéry.