Abstract: The evolution of interstellar dust reservoirs, and the evolution of galaxies themselves go hand-in-hand, as the presence of dust alters evolutionary drivers, such as the interstellar radiation field and the star formation history, while at the same time, the dust is being formed and altered by processes taking place in galaxies. However, far-infrared and submillimeter studies have revealed enormous dust masses at high redshifts that are difficult to explain with dust production from evolved stars (the so-called "dust budget problem"), while in the nearby universe there is also a significant mismatch between the dust production rate and the dust mass observed in the interstellar medium of galaxies. I will go over some possible explanations in an attempt to find a way forward towards a solution to this seeming discrepancy.