Is this a better solution than taking a belt to a young thieving knucklehead?

A recent thread on a boy getting the belt from the man whose wallet he was trying to steal generated a lot of visceral reactions, from those who think the guy did not do enough, to those who think he did too much. Some said leave it to the cops. As oppose to getting the lash, would this be a better alternative, and how likely would it be as a deterrent to a boy going back out and doing the same or worse than taking some belt leather?