Econometric modelling history reveals successes, failures, and progress in understanding economies.
The article gives a quick overview of how scientists have built models to understand how economies work over time. They collected data on things like prices and quantities, figured out how different economic concepts interact, and created ways to estimate and predict economic trends. By doing this, they made progress in understanding how economies function, even though they faced challenges like following trends in economic theories and dealing with unexpected changes that led to inaccurate predictions.