Economic theories seek to scientifically explain or predict economic phenomena using a set of axioms, defined terms, and theorems. Economic models are mathematical expressions of these theories. Due to the unknown nature of the structure of each model, the existence of measurement error in economic quantities, and the lack of the assumption of stability of other conditions, the authorial aspect of each economic theory requires probabilistic and statistical modeling. Therefore, understanding the common modeling method and the importance of its appropriate use in economics requires economists to have a precise understanding of statistical modeling. The present study seeks to correct this insight that although the purpose of presenting statistical models is to empirically test the claims of theories, statistical methods do not play a secondary role in relation to economic theories, but rather the appropriate method of economic modeling depends on the correct use of statistical methods and probabilistic models in the theory development stage.