Models have been used in a variety of functions within economics to:
* suggest explanations for certain specific or general phenomena observed or measured by using a model;
* carry out experiments to design, specify and even help execute policy based on a model;
* make predictions, ascertain counterfactual results, and conduct thought experiments using a model;
* derive solutions to theoretical problems that might be treated within a model;
* explore the limits and range of possible outcomes consistent with questions that can be answered using a model; and
* develop theory, concepts and classificatory systems with the model.