Don't forget its counterpart, the just-world hypothesis:

http://en.wikipedia.org/wiki/Just-world_hypothesis

They are closely related but people always forget the second one.

I don't think much would change. You can very well use biases to rationalize whatever you want. It's the intention and attitude that matters the most, not how many biases you can recite.

I'm still for teaching common biases in secondary school. Won't hurt, and may sometimes help. But I don't think knowing biases changes people. At least that wasn't my experience.

Just a quick recommendation for "A Mind Of Its Own" by Cordelia Fine (especially Chapter 3 = The Immoral Brain) for anyone who would like to read more about this, or for anyone already familiar who would like a short, readable book on the subject to recommend to other people.