+ Sometimes it works for a short period, as the policy reflected the economy at the time of creation, then becomes irrelevant via technology/market reaction to policy/general progress... but yet stays a policy for decades.
The important point is that we rarely ever measures whether it does work or not, and policy tends to have an extremely long shelf-life.
My ideal state would have:
1) a well-staffed multi-partisan agency entirely dedicated to reviewing policy, with a mandate of removing any policy having a net-detrimental effect on society. By launching scientific studies of the effects with subpoena power over other agencies, making policy recommendations, and potentially the power to temporarily suspend regulations until reviewed by congress.
2) require timeframes attached to most policies, forcing future reviews which must factor in measured results (likely from agency mentioned in 1) or face expiry