It sounds like an absolutely terrible idea. How could you possibly plan for any future with that much constant upheaval? Businesses couldn't function, since contracts across complete rewrites would not work. You may not own any of your property across a rewrite. Maybe things you did today become felonies tomorrow, and you get jailed, buy then maybe get freed in the next rewrite....

Having stable long term laws is a pre-requisite for any modern economy to function.