1. The idyllic "free market", whatever that means, may enable the negative externalities of private transactions and social costs to be borne by third parties and the general public. Some government regulation is needed to ensure that the costs and damages caused by negative externalities are borne by the parties who engage and benefit from their own private transactions.
2. An intrinsic value of the free market system is that land will be used for its highest and best use (i.e., most profitable). This value may be incompatible with other important values regarding land use management, public works projects, and national energy, water conservation, military, and food production policies. Some government regulation is needed to balance competing interests regarding land use.
3. The private sector is unable or unwilling to finance some research and development necessary to promote the nation's long term interests. The long term goals of U.S. military, education, infrastructure, and space exploration policies cannot be served and furthered even minimally by the private sector.
4. If left to its own whims and caprices, the Free Market, whatever that means, creates gross inefficiencies in areas such as energy, transportation, and communications generation, production, supply, and distribution. Some government regulation is needed to make the difficult decisions that will assure market efficiencies in these areas.
5. Monopoly protections for innovations, patents and copyright are necessary to promote growth and progress of the individual, society, and civilization. Limited monopolies in these areas correctly align human self-interest and desire for profit with the general needs and wants of the consuming public. Effective intellectual property rights protection is the key to America's economic future in the 21st century.