If inflation in a commodity economy implies a readjustment in the ratio of goods and money, then inflation in a gift economy must imply a readjustment in the rate by which relationships are produced. This article considers changes in the New Guinea Highlands over the last 30 years, and how one might interpret the manner in which certain relatioships are evolving. These are relations between clans, among kin and across the sexes. While the article considers three time horizonts over this period, it is deliberately written from the perspective of how the present (1990's) looks from the past (1960's).