I suspect that in some cases it does. Fear of the law probably does a decent job of keeping most people from enjoying alcoholic beverages on sidewalks for instance. (but I also suspect that in many cases (if not all cases) the imprisonment could be replaced with other punishments. Punitive damages are one obvious example of non-imprisonment punishment.)
In cases like Charles Manson, I doubt punishment is valuable. Crazy people aren't exactly known for their fear of consequences. If this is the case, then punishment of Charles Manson would be pointless and frankly verging on barbaric (though detainment of Charles Manson would of course be absolutely essential).
At the same time, the reason why I do not currently break the speed limit (to an excessive degree) when I feel that it is safe is that I am not keen on being slapped with a fine. Speeding fines are a punishment that seems effective at discouraging me from speeding.
Cost benefit analysis makes sense. "I am going to hurt you and make you suffer" rarely does. There are exceptions but it is generally a desperate ploy, not one focused on a goal. It is generally an admission that we don't know how to accomplish a civilized environment. We don't know how to design an effective society. We are too stupid, collectively, as Americans to achieve civil solutions. So we are sfimply going to hurt you.
I think that it would be fair to say that this sort of imposed cost is a punishment. It seems to meet definition 2b here (http://www.merriam-webster.com/dictionary/punishment). That cost/punishment/whatever isn't worth the reward, so I don't do it.
I mean, it isn't a "speeding tax" or "speeding fee" that you pay for the retroactive right to speed for a while.
As another example, the fine here for violating open container laws in a public park is something like $25, which I would gladly pay on some nice summer days for a personal permit to drink in the park. I don't drink in the park and accept the possibility of that fine though, despite the naive cost/benefit ratio working out. It isn't just about the $25, I also don't want to be fined. The "fine" part I don't like; the "$25" part is okay.
(Repeat offense will of course result in the loss of your license, a penalty that acts as a more severe punishment but also a form of detainment. When your license is taken the idea is that you cannot endanger the public until you prove yourself capable of driving safely (prove yourself rehabilitated))
Thanks for the discussion.