Economic models are typically based on the principle that people behave rationally. However, people do not always behave rationally. Which of the statements is NOT a reason why economists still consider their models valid, in spite of the irrationality of people? Despite the flaws in the model, the models are still thorough predictors of market behavior. For the sake of simplicity, it is easier to create models from generalizations rather than from seemingly random, irrational behavior. The existing models have been in place for so lo are considered untouchable, the equivalent of an long, they economic law.