Demonitization is symbolic.

In the case of Demonitization,  the direct measurable eventuality is not the whole story.  What economists can't take into account is the incidental and symbolic effect. A case can be made for it using the following example and reasoning. In the example of crime,  it is not just a fear of punishment or a rational cost benefit analysis that causes an individual to stay away from crime. There are natural and cultural forces at play.  But the effect of a person staying away from crime (for any reason)  has a reinforcing effect on the system. That can be due to cultural linkage or due to a change in the cost benefit balance.  This is true of the inverse as well.  An increase in crime by a unit can have the effect of reinforcing this behaviour by cultural appropriation or  by change in the risk. One more criminal mean more resources are needed to police the system.  In the case of Demonitization the same forces are at play.  One needn't enforce the policy in a case by case basis but need only to utilise natural forces.