This document discusses the need to update economic models to better analyze the long-term effects of large-scale recovery packages and the transition to a green economy. It notes that while current models can assess climate change impacts, they are not well-suited to model the circular economy or information services sector. The document recommends that models incorporate more accurate representations of production functions, wealth creation, capital mobility, recycling processes, and material flow accounting in order to provide useful analysis and policy advice on a sustainable recovery.