That depends on the crime, now doesn't it. When I got my car stolen the first time, the kid who stole it went on a joy ride, dumped the car, got caught. I got my car back, and the whole experience was largely an inconvenience. Most painful part was paying the impound lot. Dude ended up spending over a year behind bars.
Now, what did society gain from locking that kid up? Not $50,000 worth, that's for sure. Definitely not a million dollars' worth. No, it just fucked up some dude's life, and made some jackass at the tow yard $600 richer. If anybody had asked me, my idea of justice would be a few weekends community service, maybe a small fine, and a molotov through the tow-yard office's window.
Don't get me wrong, there are crimes worth the societal cost to punish. Violent crimes, crimes that cause serious emotional or financial damages. Abuses of power. But that isn't most criminals. In my book, if a victim wouldn't seriously consider killing the perpetrator, we probably shouldn't be in the business of incarcerating them.
Because incarceration basically carries the message of "We the people want to fuck your life up, but don't have the stomach to kill you".