The first really good theoretical model of gravity we got came from a Mr. Newton. He was able to describe mathematically the motion of the planets that he and his contemporaries observed, and this same mathematical model described apples falling and baseballs flying and so forth.
But later, people started noticing some problems. Newton’s models appeared to disagree with observations of certain things: planets moving in the presence of large gravitational fields, for instance, didn’t go exactly where they were supposed to. For example, Mercury is very close to the sun (lots of gravity nearby), and its movements didn’t precisely match what Newton said they should be, although it was close.
Mr. Einstein and others came up with a more precise mathematical model of gravity that explained these discrepancies. For small velocities or amounts of gravity, the differences in Einstain’s and Newton’s math basically cancel out to almost nothing. But where large velocities or gravitational fields are present, Einstein’s model gives answers that are measurably different, and these answers agree with our observations of Mercury, and other things.
So we’re done, right?
Well there’s a problem with the other forces in the universe.
James Clark Maxwell was the first to figure out that the existing mathematical models for electricity and magnetism were actually just specific versions of more general equations that could describe both. So if electricity and magnetism could both be described by the same set of equations, maybe they’re just different aspects of the same thing? From then on, physicists started talking about electromagnetism as one thing, since it had one model. There are other forces, such as the strong and weak force, that govern certain nuclear reactions (radioactive decay and such) and have their own mathematical models.
It turns out that all three of these (electromagnetism, strong force, weak force) can ultimately be explained with a nifty mathematical tool called quantum mechanics. The Standard Model of quantum mechanics perfectly explains everything we can observe (and have observed) about the electromagnetic, strong, and weak interactions.
But it says basically nothing about gravity. For that, we still have to rely on Einstein. (Or Newton, who suffices for most earthly calculations.) Not only does quantum mechanics say nothing about gravity, it seems to be fundamentally incompatible with Einstein’s model of gravity. Special relativity is a smooth, continuous phenomenon based on curving space and calculus, whereas quantum mechanics is a bumpy, discontinuous model based discrete mathematics.
So is it possible that there is an even more general model that can describe both the quantum world and the relativistic one, like the way Maxwell unified electricity and magnetism? That’s what string theorists and others are trying to figure out.
But one major problem is that as great as Einstein was, even his model of gravity is incomplete. Like the way Newton’s model breaks down at high velocities or near large gravity fields, relativity breaks down when it comes to black holes and the mysterious dark energy, which seems to cause the universe to expand, faster than the speed of light!
So on the one hand, we have a model (the Standard Model) that successfully explains 100% of 3/4 of the forces of the universe, and another model (Relativity) that successfully explains 99% of the other one.
Completing the theory of gravity and then finding a way to unify it with the Standard Model will make whoever does it the new smartest guy in the world.