This seminar introduces a definition, a way of classifying, and a method of evaluating policy modeling. Hence, it presents a new analytical tool called Policy Modeling Consistency Index (PMC-Index) to evaluate any policy modeling. The PMC-Index enables policy-makers and researchers to identify the level of consistency as well as the strengths and weaknesses within any policy modeling. Through the PMC-Index, this seminar promotes a multidisciplinary approach to policy modeling. It suggests that various possible effects of any economic policy can be demonstrated using multi-dimensional graphical means. In addition, this seminar is also concerned with studying the origins, evolution, and perspectives of policy modeling. The main objective of this seminar is to analyze the trajectory of policy modeling in the last 50 years. Finally, the past, present, and future of policy modeling from both qualitative and quantitative perspectives will be evaluated. Over the years the focus of policy modeling changed. These changes occurred in research topics, approaches, techniques, theories, methods, and analytical tools required for the rigorous analysis of complex and dynamic economic phenomena in policy modeling.