When we say that we want to keep government out of the economy, people often ask, "Isn’t that economic anarchy?"
At first our "Wall of Separation" commitment (that is, a commitment to keeping a wall of separation between economy and State) may seem a little bit like anarchy; however, we do believe government has a function in the economy. It’s just that its role is very limited, and it is centered around the protection of property rights from fraud and abuse.
From our platform:
2.0 Economic Liberty
A free and competitive market allocates resources in the most efficient manner. Each person has the right to offer goods and services to others on the free market. The only proper role of government in the economic realm is to protect property rights, adjudicate disputes, and provide a legal framework in which voluntary trade is protected. All efforts by government to redistribute wealth, or to control or manage trade, are improper in a free society.
So what do we mean when we say we want to keep government out of the economy, yet still maintain it has a role? We want to avoid exactly what government is doing now: micromanaging the largest economy in the world.
As the saying goes, "The freer the market, the freer the people." Government has a necessary and proper role in our society to protect property rights, and this includes property rights in the market. However, government does not have a responsibility to micromanage the economy.
Though, as of late, government seems more prone to rewarding possible fraud than investigating it.