Newmark's Door

I think this defense is needed. 

I admit I don't see much value in "behavioral economics" for a reason not even cited here. Individuals can be biased, illogical, irrational, stupid: fine. It's of some value to know these problems so that people can potentially improve their decision-making. But as far as economics is concerned, the effects of these individual problems tend to be minimized in markets. Market competition is excellent at lessening or quashing completely individual biases and irrationality. And to the extent that what we most care about in microeconomics is market behavior, I think mainstream economics benefits little from behavioral economics.